19 April 2021 | 09:29am
StockMarketWire.com - South East Asian energy company Coro Energy reported narrower losses as cost cuts offset the impact of a fall in revenue following a fall in gas prices.
For the year ended 31 December 2020, pre-tax losses narrowed to $9.2 million from $16.6 million, while revenue fell 70% to $803,000 from $2.7 million. The production suspension led to a significant fall in Coro s production entitlement for the year, which was 5.4 MMscm compared to 12.7 MMscm in 2019, the company said .
Gas was sold at an average price of €0.14 per scm, down from €0.19/scm. Having raised new capital early in 2021, and with a strengthened executive team, we are excited about the potential to add value for shareholders in the next 12 months and beyond, it added.
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A look at some of the major movers in London on Monday
The company operates an artificial intelligence platform that analyses transport issues said the quarter (Jan – Mar) was affected by a “major weather event” in Australia that delayed acceptance for airframes delivered to the Australian Government.
The revenue will now be recognised in the current quarter.
11.50am: Pantheon plunges as drilling results disappoint
Pantheon Resources PLC (LON:PANR) fell from the heights, crashing 45% to 21.55p after announcing drilling results from the Talitha #A well in Alaska.
The market was unimpressed at the intermittent flow rate of up to 100 barrels of oil per day, which Pantheon conceded was a disappointing rate.
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Coro Energy says its excited about value-add potential for 2021 as renewable energy strategy advances
“We have an exciting, blended portfolio of energy assets, with our operated renewable energy portfolio sitting alongside our investments in the non-operated Duyung PSC and ion Ventures, James Parsons said.
Coro Energy PLC (LON:CORO) said it is excited about its potential to add value for shareholders in the next 12 months ‘and beyond’, as it released its financial results statement for 2020.
The company is being positioned towards renewable energy and is supporting the transition from fossil fuels to clean energy in south east Asia.
Oil price, Hurricane, Coro, Echo, Trinity, Advance Energy. And finally…
Oil is unchanged this morning but was up last week, WTI by $3.81 and Brent $3.82, some 6.4% and 6.1% respectively. This was because, as noted at the time all the economic data from the US and pretty much from China was overwhelmingly positive.
WTI $63.13 -33c, Brent $66.77 -17c, Diff -$3.64 +16c, NG $2.68 +2c, UKNG 52p +1p
Oil price
Oil is unchanged this morning but was up last week, WTI by $3.81 and Brent $3.82, some 6.4% and 6.1% respectively. This was because, as noted at the time all the economic data from the US and pretty much from China was overwhelmingly positive. In the US the vaccine programme is kicking in very strongly as it has in the UK and as and when other Governments around the world pull their fingers out and cut the dogma and get the jabs in the better it will be.
Coro Energy announces final results for the year ended 31 December 2020 energy-pedia.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from energy-pedia.com Daily Mail and Mail on Sunday newspapers.