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Coro Energy reports on ‘transformational’ first half

Essentially a new company was created during the period, through the combination of non-core Sound Energy assets and Saffron Energy.
oil and gas operations
The group's first Asian acquisition was announced recently

As Coro Energy Plc (LON:CORO) reported half-year results it reflected on the ‘transformational’ period which saw the rebooted company formed through the combination of Sound Energy’s Italian assets and Saffron Energy.

It saw a reconfiguration of the board alongside the appointment of a new chief executive and chief financial officer. The company opened an office in London and raised €16.1mln with a view to expansion in South East Asia.

More recently, in the current reporting period, the company entered into its first new transaction – agreeing to acquire a 42% interest in the Bulu PSC.

READ: Coro Energy lands first Indonesia acquisition

James Menzies, Coro's chief executive officer, commented: "With the first transaction now signed, we are continuing to build momentum, with a pipeline of accretive deals continuing to be developed."

In terms of the half-year performance, Coro reported that production totalled 203mln cubic feet of gas, 1.3mln cubic feet per day, and it generated €1.1mln of revenue in the six months.

Coro highlighted that Italian gas prices were strong during the period, averaging €6 per thousand cubic feet.

The group’s cash balance amounted to €14.1mln at the end of June.

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