REG - Coro Energy PLC - Half Year Report
29/09/2025 08:16
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RNS Number : 0949B Coro Energy PLC 29 September 2025
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the UK version of the EU
Market Abuse Regulation 596/2014 which is part of UK law by virtue of the
European Union (Withdrawal) Act 2018, as amended and supplemented from time to
time. Upon the publication of this announcement, this inside information is
now considered to be in the public domain.
29 September 2025
Coro Energy Plc
("Coro" or the "Company" and together with its subsidiaries the "Group")
Half Year Report for the six month period ended 30 June 2025
Coro Energy PLC, the South East Asian renewable energy developer, announces
its unaudited interim results for the six month period ended 30 June 2025.
Highlights
Operational
· Added a further 2.2MW of commercial and industrial
("C&I") rooftop solar capacity with Mobile World Group ("MWG") bringing
the Group's total aggregate operational capacity in Vietnam to 6.4MW with
estimated run-rate annual cash flows of approximately US$720,000.
· Entered a strategic partnership with Threefold Energy
Group Ltd to explore advanced battery storage energy management solutions
("BESS") in Vietnam and other South East Asian markets.
· Ongoing discussions with Mobile World Group ("MWG")
regarding an additional 12MW of C&I rooftop solar capacity with the
inclusion of BESS.
· Advanced negotiations with an industrial customer for a
new 10MW project across several factory locations in Vietnam.
Financial
· Completed the full recapitalisation and strengthening
of the Company's balance sheet through a £2.1m equity fundraising, a 100:1
share capital reorganisation, and the deemed redemption of 75% of the
Company's existing secured listed bonds with the balance being converted into
equity.
· Finalised the Company's pivot to a 100% renewables
strategy through the announcement of the sale, by its wholly-owned subsidiary
Coro Energy Duyung (Singapore) Pte Ltd, of its 15% participating interest in
the Duyung PSC to West Natuna Exploration Ltd ("WNEL"), a subsidiary of Conrad
Asia Energy Ltd ("Duyung Sale").
Post Balance Sheet Events
· On 3 July 2025, the Company announced a strategic
partnership with Threefold Energy Group after signing a memorandum of
understating to explore batter energy storage system opportunities in Vietnam
and other South East Asian countries.
· On 14 August 2025, the Company announced the completion
of a fundraising by way of a placing and WRAP retail offer. The Placing raised
gross proceeds of £1.64 million through the issue of 329,089,000 Placing
Shares, and the WRAP Retail Offer raised gross proceeds of £32,415 through
the issue of 6,483,038 WRAP Retail Offer Shares at the Issue Price.
· On 1 September 2025, the Company announced an extension
to the long stop date for the sale of its interest in the Duyung PSC which was
previously announced on 10 April 2025 and 14 May 2025. The new long stop date
has been mutually agreed as end September 2025.
For further information please contact:
Coro Energy plc Via Vigo Consulting Ltd
Cavendish Capital Markets Limited (Nominated Adviser) Tel: 44 (0)20 7220 0500
Adrian Hadden
Ben Jeynes
Hybridan LLP (Nominated Broker) Tel: 44 (0)20 3764 2341
Claire Louise Noyce
Vigo Consulting (IR/PR Advisor) Tel: 44 (0)20 7390 0230
Patrick d'Ancona
STATEMENT FROM THE DIRECTORS
The first half of 2025 was transformative for Coro and the hard work we have
undertaken has now positioned your company as the only UK-listed renewable
energy firm focused on the South East Asian clean energy market. At the start
of the year Coro had over US$30 million of financial debt, a gas asset in
Indonesia (the "Duyung PSC"), and a renewables portfolio in Vietnam and the
Philippines. The Board's main objective was to reduce the Company's financial
indebtedness and finalise the Company's pivot towards a 100% renewable energy
strategy in South East Asia. In particular, the Board was committed to growing
its Commercial & Industrial ("C&I") rooftop solar portfolio in Vietnam
as the cornerstone of the Company's value proposition. To this effect, the
Company removed all of the principal and interest outstanding under the
Eurobond debt through writing off 75% of the principal and all accrued
interest and converting the balance of the principal into equity. The Company
also raised £2.1 million of equity from new and existing investors.
In April, Coro also entered into a settlement agreement with Conrad Asia
Energy Ltd ("Conrad") where, in return for Coro paying US$300,000 towards
historical general and administrative costs, Conrad agreed to waive all other
outstanding amounts owed by Coro which were alleged to be approximately US$1
million. In tandem Coro agreed to sell its 15% stake in the Duyung PSC to a
subsidiary of Conrad for 500,000 shares in Conrad payable on completion of the
sale along with an additional US$750,000 of Conrad shares to be delivered
within 45 days of the first commercial production from the asset. The sale of
Duyung PSC was put to Coro's shareholders who voted overwhelmingly in favour
of the sale. The Board supported the shareholder vote as the ongoing cost to
maintain Coro's 15% stake in the Duyung PSC was not compatible with the
Company's balance sheet and would require significant amounts of additional
capital to continue to finance the asset to final investment decision and then
first gas. As a result, the Board agreed that a sale was in the best interests
of all shareholders. Following the sale of the Duyung PSC, Coro also initiated
a strategic review of the Philippines renewable portfolio. The Company expects
the strategic review of the Philippines renewable portfolio to conclude before
the end of 2025.
Vietnam
Today Coro has 6.4MW of operating C&I rooftop solar capacity in Vietnam
with estimated run-rate annual cash flows of approximately US$720,000. On 3
July, the Company entered into a strategic partnership with Threefold Energy
Group Ltd ("Threefold") to explore advanced battery storage energy management
solutions in Vietnam and other South East Asian markets. As a first step, Coro
and Threefold will conduct a pilot of a co-located battery energy storage
system ("BESS") on two of Coro's existing sites with Mobile World Group
("MWG"). The Company is currently in discussions with MWG regarding an
additional 12MW of capacity with the inclusion of BESS. We expect to expand
our existing team in Vietnam in line with the Board's strategic imperative to
grow our C&I rooftop solar portfolio and BESS partnership with Threefold.
In addition, Coro is in advanced discussions with a new industrial customer
for a 10MW project across several factory locations in Vietnam. This pipeline
demonstrates a clear pathway for Coro to scale its C&I rooftop solar
portfolio in Vietnam to over 25MW during the next 18-24 months generating
estimated run-rate annual cash flows of approximately US$2.5 million.
The Company is also in advanced discussions with various local lenders, EPC
providers and international private credit institutions to provide debt
against Coro's existing and future C&I rooftop solar assets. The Board
believes Coro can grow its C&I rooftop solar portfolio in Vietnam over the
next 24 months to allow for Coro to become a free cash flow positive business
with a unique exposure to PV and BESS in the country. There are currently no
other UK-listed companies that provide this direct exposure to the growth of
these sectors in Vietnam. The growth of the BESS market in particular is at a
very early stage in Vietnam and the Board believes that Coro can establish an
early advantage to scale its business through its strategic partnership with
Threefold. The Company will continue to deliver on this strategy whilst
deploying shareholder funds in a measured and focused fashion and alongside
continuing to manage its cost base closely.
After a challenging few years for your Company, the Board and senior team have
built a firm financial footing for the business and developed a high potential
opportunity set in the rapidly growing SE Asian renewable energy market. I
would like to thank our shareholders for their support during this period. We
are excited about the future and the opportunities that lie before Coro and I
look forward to updating investors on our further progress in due course.
Tom Richardson
Chairman
FINANCIAL REVIEW
Results from continuing operations
The Group made a statutory profit after tax from continuing operations of
$23.6m (H1 2024: loss $1.4m) due in large part to the write-down of the
Eurobond of $25.6m. Revenue from operations increased to $310,000 (H1 2024:
$136,000). General and administrative expenses increased to $1.5m (H1 2024:
$1.2m) principally due to higher corporate and compliance costs of $703,000
(H1 2024: $166,000) relating to the share reorganisation, Conrad settlement
agreement and the Eurobond redemption (note 4). Employee costs decreased to
$344,000 (H1 2024: $463,000).
In February 2025, the Company completed a share capital reorganisation in
which every 100 shares were consolidated into 1 share. At the same time an
equity fundraise was completed which comprised of a Subscription which raised
gross proceeds of £1,974,000.00 through the issue of 131,600,000 Subscription
Shares at the Issue Price and a Retail Offer which raised gross proceeds of
£126,009.24 through the issue of 8,400,616 Retail Offer Shares at the Issue
Price.
Also in February 2025, Bondholders approved proposals to deem all the
principal and interest outstanding under the Eurobonds to have been repaid in
full of approximately 75% of the principal and all accrued interest written
off and with the balance of the principal converted into 311,617,085 Bond
Conversion Shares. The write down of the Eurobonds provides a $25.6m gain that
was recognised in the income statement.
The convertible loan note taken out in August 2024 and November 2024 was fully
repaid during the period under review.
On 10 April 2025, the Company announced that it had entered into an agreement
in relation to the sale, by its wholly-owned subsidiary Coro Energy Duyung
(Singapore) Pte Ltd, of its 15% participating interest in the Duyung PSC to
West Natuna Exploration Ltd ("WNEL"), a subsidiary of Conrad Asia Energy Ltd.
The sale process is still ongoing as at the date of this report with the
completion of the transaction anticipated in Q4 2025.
Going concern
The interim financial statements have been prepared under the going concern
assumption, which presumes that the Group will be able to meet its obligations
as they fall due for the foreseeable future.
The Group ended the period with cash of $0.3m and current receivables of $0.3m
related to the residual sales proceeds from the sale of the Italian
operations. The Group raised gross proceeds of £2.1m from a combined equity
fund raise and WRAP retail offer in February 2025.
The Group's Eurobond was fully redeemed in February 2025 when Bondholders
passed resolutions at a meeting of Bondholders to deem all the principal and
interest outstanding under the Bonds to have been repaid in full of
approximately 75% of the principal and all accrued interest written off and
with the balance of the principal converted into 311,617,085 Bond Conversion
Shares. Additionally, the Group fully repaid the convertible loan note taken
out in August 2024 and November 2024.
Post the period under review, the Company raised gross proceeds of £1.7m from
a combined equity fund raise and WRAP retail offer in August 2025.
Management has prepared a consolidated cash flow forecast for the period to 31
December 2025 which shows that the Group will require additional equity
financing to meet its obligations and intended work renewables work programme
in Asia during this period. The Group is actively pursuing a significant
fundraise and the directors have a reasonable expectation that sufficient
funds can be raised on equity markets to provide this liquidity, although the
ability to raise sufficient capital is not guaranteed.
Based on the above, the Directors consider it appropriate to continue to adopt
the going concern basis of accounting in preparing the Group and Company
financial statements for the period ended 30 June 2025. Should the Group and
Company be unable to continue trading, adjustments would have to be made to
reduce the value of the assets to their recoverable amounts, to provide for
further liabilities which might arise and to classify fixed assets as current.
The auditors make reference to a material uncertainty in relation to going
concern within their audit report.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the Six Months Ended 30 June 2025
Notes 30 June 2025 30 June 2024
$'000 $'000
Revenue 310 136
Operating costs (5) -
Depreciation and amortisation expense (72) (40)
Gross profit 233 96
General and administrative expenses 4 (1,449) (1,156)
Depreciation expense (2) (2)
Loss from operating activities (1,218) (1,062)
Redemption of Eurobond 25,590 -
Finance income 572 884
Finance expense (1,282) (1,186)
Net finance expense 4 24,880 (302)
Profit / (loss) before income tax 23,662 (1,364)
Income tax benefit / (expense) - -
Profit / (loss) for the period from continuing operations 23,662 (1,364)
Discontinued operations
Gain for the period from discontinued operations - -
Total profit / (loss) for the period 23,662 (1,364)
Other comprehensive income/loss
Items that may be reclassified to profit and loss
Exchange differences on translation of foreign operations (324) 77
Total comprehensive loss for the period 23,338 (1,287)
Profit / (loss) attributable to:
Owners of the company 23,672 (1,371)
Non-controlling interests (10) 7
Total comprehensive profit / (loss) attributable to:
Owners of the company 23,347 (1,294)
Non-controlling interests (10) 7
Basic profit / (loss) per share from continuing operations ($) 5 0.063 (0.001)
Diluted profit / (loss) per share from continuing operations ($) 5 0.063 (0.001)
The above condensed consolidated statement of comprehensive income should be
read in conjunction with the accompanying notes.
CONDENSED CONSOLIDATED BALANCE SHEET
As at 30 June 2025
Notes 30 June 2025 31 December 2024
$'000 $'000
Non-current assets
Property, plant and equipment 6 3,480 3,260
Intangible assets 7 2,077 1,867
Other financial assets 137 -
Total non-current assets 5,694 5,127
Current assets
Cash and cash equivalents 253 256
Trade and other receivables 268 355
Inventory - -
Total current assets 521 611
Assets of disposal group held for sale - -
Total assets 6,215 5,738
Liabilities and equity
Current liabilities
Trade and other payables 11 2,590 1,316
Borrowings 8 - 32,446
Total current liabilities 2,590 33,762
Non-current liabilities
Borrowings 8 - -
Total non-current liabilities - -
Liabilities of disposal group held for sale - -
Total liabilities 2,590 33,762
Equity
Share capital 9 6,639 3,826
Share premium 9 57,261 51,762
Merger reserve - -
Other reserves 10 1,421 1,745
Non-controlling interests (138) (127)
Accumulated losses (61,558) (85,230)
Total equity 3,625 (28,024)
Total equity and liabilities 6,215 5,738
The above condensed consolidated balance sheet should be read in conjunction
with the accompanying notes.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the Six Months Ended 30 June 2024
Share capital Share premium Other Reserves Accumulated Losses Non-controlling interest Total
$'000 $'000 $'000 $'000 $'000 $'000
Balance at 1 January 2024 3,826 51,762 3,603 (66,215) (92) (7,116)
Total comprehensive loss for the period:
Loss for the period - - - (1,371) 7 (1,364)
Other comprehensive income - - 77 - - 77
Total comprehensive loss for the period - - 77 (1,371) 7 (1,287)
Transactions with owners recorded directly in equity:
Issue of share capital - - - - - -
Share based payments for services rendered - - (12) - - (12)
Balance at 30 June 2024 3,826 51,762 3,668 (67,586) (85) (8,415)
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the Six Months Ended 30 June 2025
Share capital Share premium Other Reserves Accumulated Losses Non-controlling interest Total
$'000 $'000 $'000 $'000 $'000 $'000
Balance at 1 January 2025 3,826 51,762 1,745 (85,230) (127) (28,024)
Total comprehensive loss for the period:
Profit for the period - - - 23,672 (11) 23,661
Other comprehensive loss - - (324) - - (324)
Total comprehensive profit for the period - - (324) 23,672 (11) 23,337
Transactions with owners recorded directly in equity:
Issue of share capital 2,813 5,499 - - - 8,312
Share based payments for services rendered - - - - - -
Balance at 30 June 2025 6,639 57,261 1,421 (61,558) (138) 3,625
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the Six Months Ended 30 June 2025
30 June 2025 30 June 2024
$'000 $'000
Cash flows from operating activities
Receipts from customers 315 -
Payments to suppliers and employees (1,624) (345)
Interest paid - -
Net cash used in operating activities (1,309) (345)
Cash flow from investing activities
Payments for property, plant & equipment (476) (7)
Payments for intangible assets - (91)
Payments/refunds related to development intangible assets (37) (135)
Receipt from sale of Italian operations 69 -
Net cash provided by / (used in) investing activities (444) (233)
Cash flows from financing activities
Equity funding 2,571 -
Repayment of loans (908) -
Net cash provided by / (used in) financing activities 1,663 -
Net decrease in cash and cash equivalents (90) (578)
Cash and cash equivalents brought forward 256 1,095
Effects of exchange rate changes on cash (3) (7)
and cash equivalents
Cash and cash equivalents carried forward 253 510
The above condensed consolidated statement of cash flows should be read in
conjunction with the accompanying notes.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the Six Months Ended 30 June 2025
Note 1: Basis of preparation of the interim financial statements
The condensed consolidated interim financial statements of Coro Energy plc
(the "Group") for the six month period ended 30 June 2025 have been prepared
in accordance with Accounting Standard IAS 34 Interim Financial Reporting.
The interim report does not include all the notes of the type normally
included in an annual financial report. Accordingly, this report is to be read
in conjunction with the annual report for the year ended 31 December 2024,
which was prepared under International Financial Reporting Standards (IFRS) in
conformity with the requirements of the Companies Act 2006, and any public
announcements made by Coro Energy plc during the interim reporting period.
These condensed consolidated interim financial statements do not constitute
statutory accounts as defined in Section 434 of the Companies Act 2006. The
Group's statutory financial statements for the year ended 31 December 2024
prepared under IFRS have been filed with the Registrar of Companies. The
auditor's report on those financial statements was unqualified and did not
contain a statement under Section 498(2) of the Companies Act 2006. These
condensed consolidated interim financial statements have not been audited.
The condensed consolidated interim financial statements of the Group are
presented in United States Dollars ("USD" or "$"), rounded to the nearest
$1,000.
The accounting policies adopted are consistent with those of the previous
financial year and corresponding interim reporting period, except as set out
below.
Basis of preparation - going concern
The interim financial statements have been prepared under the going concern
assumption, which presumes that the Group will be able to meet its obligations
as they fall due for the foreseeable future.
The Group ended the period with cash of $0.3m and current receivables of $0.3m
related to the residual sales proceeds from the sale of the Italian
operations. The Group raised gross proceeds of £2.1m from a combined equity
fund raise and WRAP retail offer in February 2025.
The Group's Eurobond was fully redeemed in February 2025 when Bondholders
passed resolutions at a meeting of Bondholders to deem all the principal and
interest outstanding under the Bonds to have been repaid in full of
approximately 75% of the principal and all accrued interest written off and
with the balance of the principal converted into 311,617,085 Bond Conversion
Shares. Additionally, the Group fully repaid the convertible loan note taken
out in August 2024 and November 2024.
Post the period under review, the Company raised gross proceeds of £1.7m from
a combined equity fund raise and WRAP retail offer in August 2025.
Management have prepared a consolidated cash flow forecast for the period to
31 December 2025 which shows that the Group will require additional equity
financing to meet its obligations and intended work renewables work programme
in Asia during this period. The Group is actively pursuing a significant
fundraise and the directors have a reasonable expectation that sufficient
funds can be raised on equity markets to provide this liquidity, although the
ability to raise sufficient capital is not guaranteed.
Based on the above, the Directors consider it appropriate to continue to adopt
the going concern basis of accounting in preparing the Group and Company
financial statements for the period ended 30 June 2025. Should the Group and
Company be unable to continue trading, adjustments would have to be made to
reduce the value of the assets to their recoverable amounts, to provide for
further liabilities which might arise and to classify fixed assets as current.
The auditors make reference to a material uncertainty in relation to going
concern within their audit report.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the Six Months Ended 30 June 2025
a) New and amended standards adopted by the Group
New and amended standards which became applicable on 1 January 2025 do not
have a material impact on the Group, and the Group did not have to change its
accounting policies or make retrospective adjustments as a result of adopting
these standards/amendments.
b) New accounting policies adopted by the Group
There were no new accounting policies adopted by the Group during the period,
nor any amendments to existing accounting policies.
Note 2: Significant changes
There are two significant changes affecting the financial position and
performance of the Group during the six months to 30 June 2025. In February
2025 Bondholders at a meeting of Bondholders approved a proposal to deem all
the principal and interest outstanding under the Eurobonds to have been repaid
in full with approximately 75% of the principal and all accrued interest
written off and with the balance of the principal converted into 311,617,085
new ordinary shares (note 8). On 10 April 2025, the Company announced that it
had entered into an agreement in relation to the sale, by its wholly owned
subsidiary Coro Energy Duyung (Singapore) Pte Ltd, of its 15% participating
interest in the Duyung PSC to West Natuna Exploration Ltd ("WNEL"), a
subsidiary of Conrad Asia Energy Ltd (note 12).
The results of the Group for the comparative period to 30 June 2024.
For further discussion of the Group's performance and financial position refer
to the Chairman Statement.
The Group's results are not materially impacted by seasonality.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the Six Months Ended 30 June 2025
Note 3: Segment information
The Group's reportable segments as described below are based on the Group's
geographic business units. This includes the Group's upstream gas operations
in Italy, upstream gas operations and renewable energy operations in South
East Asia, along with the corporate head office in the United Kingdom. This
reflects the way information is presented to the Group's Chief Operating
Decision Maker, which is the Executive Chair.
Asia UK Total
30 June 30 June 30 June 30 June 30 June 30 June
2025 2024 2025 2024 2025 2024
$'000 $'000 $'000 $'000 $'000 $'000
Depreciation and amortisation (72) (39) (2) (1) (74) (40)
Finance expense - - (17) (929) (17) (929)
Segment loss before tax from continuing operations (89) (294) 23,751 (1,070) 23,661 (1,364)
Asia UK Total
30 June 31 Dec 30 June 31 Dec 30 June 31 Dec
2025 2024 2025 2024 2025 2024
$'000 $'000 $'000 $'000 $'000 $'000
Segment assets 5,254 4,675 961 1,063 6,215 5,738
Segment liabilities (1,900) (1,996) (690) (31,767) (2,590) (31,987)
Note 4: Profit and loss information
a) General and administrative expenses
General and administrative expenses in the income statement includes the
following significant items of expenditure:
30 June 30 June
2025 2024
$'000 $'000
Employee benefits expense 344 463
Business development 162 293
Corporate and compliance costs 703 166
Investor and public relations 99 53
Other G&A 142 104
G&A - non-operated joint operations - 89
Share based payments (note 9) - (12)
1,449 1,156
Corporate and compliance costs increased significantly during the period under
review as a result of the share capital reorganisation, Eurobond redemption
and proposed sale of Duyung.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the Six Months Ended 30 June 2025
b) Finance income / expense
30 June 30 June
2025 2024
$'000 $'000
Finance income
Foreign exchange gains 572 884
Finance expense
Interest on borrowings (17) 929
Other finance charges - 3
Unrealised loss on foreign exchange - -
Foreign exchange losses (1,265) 254
Net finance income / (expense) (710) (302)
Note 5: Loss per share
30 June 30 June
2025 2024
Basic profit / (loss) per share from continuing operations ($) 0.063 (0.001)
Diluted profit / (loss) per share from continuing operations ($) 0.063 (0.001)
The calculation of basic profit per share from continuing operations was based
on the profit attributable to shareholders of $23.7m (2024: loss $1.4m) and a
weighted average number of ordinary shares outstanding during the half year of
375,196,325 (2024: 2,866,858,784). In February 2025, shareholders approved the
Share Capital Reorganisation in which for every 100 Existing Ordinary Shares
of 0.1 pence each in the issued share capital of the Company will be
consolidated into one Consolidated Share of 10 pence each (note 9).
Diluted loss per share from continuing operations for the current and
comparative periods is equivalent to basic loss per share since the effect of
all dilutive potential ordinary shares is anti-dilutive.
Note 6: Property, plant and equipment
30 June 31 December
2025 2024
$'000 $'000
Office furniture and equipment 2 3
Solar assets 3,478 3,257
3,480 3,260
Reconciliation of the carrying amounts for each material class of intangible
assets for the six months ended 30 June 2025 are set out below:
Solar assets:
30 June
2025
$'000
Carrying amount at beginning of period 3,257
Additions 570
Depreciation and amortisation (70)
Retranslation differences (279)
Carrying amount at end of period 3,478
Additions to solar assets for the year consist of operational sites under the
MWG contract.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the Six Months Ended 30 June 2025
Note 7: Intangible assets
30 June 31 December
2025 2024
$'000 $'000
Exploration and evaluation assets 225 225
Intangible development assets 988 778
Goodwill 864 864
2,077 1,867
Exploration and evaluation assets relate to the Group's interest in the Duyung
PSC. In April 2025, the Group announced a sale agreement for its 15% interest
in the Duyung PSC to West Natuna Exploration Ltd ("WNEL"), a subsidiary of
Conrad Asia Energy Ltd ("Conrad"). Under this agreement all outstanding cash
calls made upon the Group, including the $430,000 of exploration and
evaluation assets, would be settled for a one-off payment of $300,000 and the
Group will be released from any obligation to pay future cash calls. The sale
plan also sets out a consideration price of an initial 500,000 shares in
Conrad with a value of approximately $225,000, with a further $750,000 shares
in Conrad to be delivered to the Company within 45 days of first commercial
production. This sale plan is well below the carrying value of the exploration
and evaluation asset of USD18.9m. Duyung PSC was assessed under IFRS 5 Held
for Sale as at 31 December 2024 and management considered that the
requirements of IFRS in respect to the year end classification and concluded
that the criteria were not met at year end and it was determined that the sale
plan originated after the end of the financial year under review and that
there was no active search for a buyer at that time. However, indicators of
impairment existed as at 31 December 2024 in that sufficient data exists to
suggest that although a development is likely to proceed, the carrying value
of exploration and evaluation assets exceeded the recoverable value of these
assets. The best estimate of fair value was determined by referencing the 2025
sale plan as being $225,000 as at 31 December 2024 and the asset was impaired
in the 2024 financial year.
Intangible development assets comprise expenditure directly attributable to
the design and development of identifiable and unique renewables projects
controlled by the Group in the Philippines. No indicators of impairment of
these assets were noted following testing performed at 31 December 2024.
Goodwill was initially recognised following the acquisition of the renewables
projects in the Philippines. During 2023, the Group acquired an additional
entitlement to dividends from its partners in these projects for a
consideration of $145k, which was paid by issuing new ordinary shares in the
Company (note 9). The Group's dividend entitlement increased from 80% to 88%.
No impairment of goodwill was noted following testing performed at 31 December
2024.
Note 8: Borrowings
30 June 31 December
2025 2024
$'000 $'000
Current
Eurobond - 31,327
Convertible loan note - 888
- 32,215
The Group's Eurobond was fully redeemed in February 2025 when Bondholders
passed resolutions at a meeting of Bondholders to deem all the principal and
interest outstanding under the Bonds to have been repaid in full of
approximately 75% of the principal and all accrued interest written off and
with the balance of the principal converted into 311,617,085 Bond Conversion
Shares. Additionally, the Group fully repaid the convertible loan note taken
out in August 2024 and November 2024 during the period under review.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the Six Months Ended 30 June 2025
Note 9: Share capital and share premium
30 June Nominal Share Premium 30 June
2025 value $'000 2025
Number $'000 Total
$'000
As at 1 January 2025 2,866,857,800 3,826 51,762 55,588
Share capital reorganisation:
Share consolidation 100:1 28,668,578 3,826 51,762 55,588
Shares issued during the period:
Shares issued 451,992,701 2,813 5,499 8,312
Closing balance at 30 June 2025 480,661,279 6,639 57,261 63,900
31 December 2024 Nominal Share 31 December 2023
Number value Premium Total
$'000 $'000 $'000
As at 1 January 2024 2,866,857,800 3,826 51,762 55,588
Shares issued during the period:
Share issuance during the period - - - -
Closing balance - 31 December 2024 2,866,857,800 3,826 51,762 55,588
In February 2025, shareholders approved the Share Capital Reorganisation in
which for every 100 Existing Ordinary Shares of 0.1 pence each in the issued
share capital of the Company will be consolidated into one Consolidated Share
of 10 pence each. Subsequently, each Consolidated Share will be subdivided
into one New Ordinary Share of 0.5 pence and one Deferred Share of 9.5 pence.
The New Ordinary Shares created upon implementation of the Share Capital
Reorganisation will have the same rights as Existing Ordinary Shares including
voting, dividend and other rights.
In February 2025, Bondholders at a meeting of Bondholders approved a proposal
to deem all the principal and interest outstanding under the Eurobonds to have
been repaid in full, with approximately 75% of the principal and all accrued
interest written off and with the balance of the principal converted into
311,617,085 new ordinary shares.
In February 2025, the Group raised gross proceeds of £2,100,009.24 million by
way of the Equity Fundraising, comprising the Subscription which raised gross
proceeds of £1,974,000.00 through the issue of 131,600,000 new ordinary
shares and a Retail Offer which raised gross proceeds of £126,009.24 through
the issue of 8,400,616 Retail Offer Shares at the Issue Price. Additionally, a
further 375,000 new ordinary shares were issued in consideration of the
purchase of a further 7.5% interest in Coro Renewables VN1 Joint Stock Company
in 2023 (note 12).
Note 10: Other Reserves
Share based payments reserve
No new options were issued in the period under review. In 2023, the Group
issued 70,000,000 options as a standalone award during the period to directors
and management. The options vest on the third anniversary of the grant date
and are subject to the achievement of certain performance criteria, being a
final investment decision being taken by the partners to the Duyung PSC or the
successful sale of the Company's interest in the Duyung PSC. Should the
performance criteria not be met as they are no longer relevant, the
Remuneration Committee may permit the options to vest if it is deemed
appropriate to do so. Vested options will be exercisable at 0.255 British
pence per ordinary share.
The options have been valued on the grant date using a Black Scholes model,
resulting in a valuation of £0.0013 per award. The total value of the awards
will be expensed over the vesting period in line with the requirements of IFRS
2.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the Six Months Ended 30 June 2025
Functional currency translation reserve
The translation reserve comprises all foreign currency differences arising
from translation of the financial position and performance of the parent
company and certain subsidiaries which have a functional currency different to
the Group's presentation currency of USD. The total loss on foreign exchange
recorded in other reserves for the period was $1.0m (H1 2024: $0.1m loss).
Note 11: Trade and other payables
30 June 31 December
2025 2024
$'000 $'000
Current
Trade and other payables 2,573 1,284
Accrued expenses 17 32
2,590 1,316
Trade and other payables includes the Joint Venture payables owed to Conrad
Asia prior to the settlement agreement being entered in to, deferred payments
amounts owed to the EPC contractor for the MWG contract and other creditors
relating to the costs associated with the recent restructuring and capital
raising.
On 10 April 2025, the Company announced that it had entered into an agreement
in relation to the sale, by its wholly-owned subsidiary Coro Energy Duyung
(Singapore) Pte Ltd, of its 15% participating interest in the Duyung PSC to
West Natuna Exploration Ltd ("WNEL"), a subsidiary of Conrad Asia Energy Ltd.
The terms of the sale agreement set out that Coro will be released from any
obligation to pay existing or future cash calls for a total consideration of
$300,000. Coro has paid the total consideration as set by the agreement, but
as at the date of this report the sale agreement has not finalised all terms
and as such the joint venture payables are still recognised as outstanding.
Note 12: Interests in other entities
Duyung PSC
The Group's wholly owned subsidiary, Coro Energy Duyung (Singapore) Pte Ltd,
is the owner of a 15% interest
in the Duyung Production Sharing Contract ("PSC").
On 10 April 2025, the Company announced that it had entered into an agreement
in relation to the sale, by its wholly owned subsidiary Coro Energy Duyung
(Singapore) Pte Ltd, of its 15% participating interest in the Duyung PSC to
West Natuna Exploration Ltd ("WNEL"), a subsidiary of Conrad Asia Energy Ltd.
The terms of the agreement of the sale are conditional, inter alia, on:
(i) approval from Indonesia's Ministry of Energy and Mineral Resources and
(ii) the approval of the terms of the Agreement by Shareholders of Coro at a
general meeting
The terms of the Agreement provide for:
(i) the release of Coro Duyung from any obligation to pay existing or future
cash calls;
(ii) a total cash consideration of US$300,000 to be paid by Coro to WNEL
following Shareholder Approval. This payment represents a US$477,000 saving on
the amounts Conrad maintains is outstanding by Coro Duyung as at the end of
December 2024
(iii) following receipt of Government Approval, the issuance to the Company of
500,000 new ordinary shares at no par value in Conrad. The Conrad Shares had a
value of approximately US$225,000 based on the AU$0.75 closing share price of
Conrad on 9 April 2025; and
(iv) within 45 days of the first commercial production in respect of the
Duyung PSC, the issue of further new ordinary shares in Conrad ("Additional
Conrad Shares") to Coro equal in value to US$750,000. To the extent that
Conrad or WNEL's interest in the Duyung PSC falls below 20% at that time, then
such payment may be reduced dependent on the extent of that reduction on
interest.
On 14 May 2025, shareholders at a General Meeting approved the sale of the
Group's participating interest in the Duyung PSC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the Six Months Ended 30 June 2025
Coro Renewables VN1 Joint Stock Company
In October 2021, a binding shareholder agreement was signed with VPE and the
Group acquired an 85% interest in the newly incorporated Vietnamese company,
Coro Renewables VN1 Joint Stock Company, which owns 100% of Coro Renewables
VN2 Company Limited, which in turn owns 100% of Coro Renewables Vietnam
Company Limited. In February 2024 the Group increased its interest by 7.5% to
92.5%.
Note 13: Contingencies and commitments
Contingent Liabilities
As noted in note 23, in the 2024 full year financial statements the Company
was in receipt of a potential claim for fees in relation to services claimed
to have been provided in relation to the Company's 2024 convertible loan note
and the completed recapitalization of the business. The claim has now been
issued. The Company continues to be of the view that the claim has no merit
and will contest the claim. In the event the claim is successful against the
Company it may have to pay a material amount of money to the claimant for
which it has made no provision.
Commitments
As stated in note 12, the sale agreement releases Coro's from any obligation
to pay existing or future cash calls and as therefore has no commitment to the
2025 Duyung work programme. The Group has no committed work programmes in it
Philippine or Vietnam operations at the reporting date.
Note 14: Subsequent events
On 3 July 2025, the Company announced a strategic partnership with Threefold
Energy Group after signing a memorandum of understating to explore batter
energy storage system opportunities in Vietnam and other South East Asian
countries.
On 14 August 2025, the Company announced the completion of a fundraising by
way of a placing and WRAP retail offer. The Placing which will raise gross
proceeds of approximately £1.64 million through the issue
of 329,089,000 Placing Shares, and the WRAP Retail Offer which will raise
gross proceeds of approximately £32,415.19 through the issue of 6,483,038
WRAP Retail Offer Shares at the Issue Price.
On 1 September 2025, the Company announced that an extension to the long stop
date for the sale of its interest in the Duyung PSC which was previously
announced on 10 April 2025 and 14 May 2025. The new long stop date has been
mutually agreed as end September 2025.
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