TIDMCORO
RNS Number : 2071V
Coro Energy PLC
13 April 2021
13 April 2021
Coro Energy Plc
("Coro" or the "Company")
Operational Update
Coro Energy Plc, the South East Asian energy company focused on
supporting the regional transition to a low carbon economy, is
pleased to provide an operational update following the recent
acquisition of Global Energy Partnership Limited and its portfolio
of operated renewables projects.
Highlights
-- Structuring of local Philippines project holding company commenced
-- Work to progress the flagship 100MW wind and 100MW solar
projects in the Visayas region of the Philippines initiated,
including discussions on the Energy Service Contracts, local
landlord engagement, Environmental Impact Assessment, Grid Impact
Assessment and the negotiation of Power Purchase Agreements
-- Initiation of a comprehensive data gathering campaign at the
100MW onshore Philippine wind project
-- These activities have been commenced with a view to
positioning the Company to have both projects construction ready by
mid-2022 and, subject to availability of project financing, maiden
revenues achieved some 12 months later
-- Operator of the Duyung PSC, Conrad Petroleum, to submit
updated Plan of Development ("POD") for the Duyung gas project in
due course
Operated Renewables Portfolio
The Company has made considerable progress in recent weeks in
establishing its operating infrastructure in the Philippines, with
the structuring of a local holding company underway through which
the Group's current and future Philippine interests will be
developed, contracted and managed.
Alongside establishing the operating infrastructure, the Company
is successfully advancing key elements of its flagship 100MW wind
project, and 100MW solar project, both located in the Visayas
region of the Philippines including:
-- Initiation of discussions on the Energy Services Contracts
("ESCs") required to define the scale, technology and location of
the projects giving approval to act as project developer, expected
to be finalised by end Q2 2021;
-- Initiation of local landlord engagement to secure land leases
on two sites, with a total area of approximately 180 hectares to
cover all required land for both the flagship renewable projects,
also expected to be finalised by end of Q2 2021;
-- Negotiations commenced in relation to the Power Purchase
Agreements ("PPAs") for both the flagship renewable projects with a
view to securing PPAs by the end of November 2021. The Company
intends to contract with a blend of local energy suppliers and
international blue-chip corporates to ensure a diversified offtaker
risk profile;
-- A full Environmental Impact Assessment covering both projects
is planned for mid-July 2021, building on the already completed
initial field study which has identified no areas of significant
scientific interest or indigenous flora or fauna; and
-- A Grid Impact Assessment, used to confirm the availability
and impact of the new development and reserve the energy evacuation
path, is also scheduled for August 2021.
A twelve-month data gathering campaign for the 100MW wind
project is in the final planning stages and is expected to commence
mid-June. This campaign will use a traditional calibrated wind mast
and high-tech Lidar and is an important step in establishing the
optimal design for the wind farm as well as providing further
confirmation of the project's viability. The Company confirms that
it is already in possession of all data required for the 100MW
solar project.
In parallel the Company will shortly initiate EPC contractor
engagement for both projects ahead of completing a standard
pre-qualification, tendering and appointment process.
Gas Assets - Duyung PSC
As announced by the Company on 21 December 2020, the Company is
encouraged by the work on the Duyung PSC undertaken by the operator
Conrad Petroleum, with the updated Plan of Development ("POD") to
be submitted in due course. The POD is a significant step towards
commercialisation of the project. Pre-FEED and concept selection
are expected to follow, along with a Gas Sales Agreement, in due
course.
In Italy, production at Rapagnano continues and discussions with
third parties over the prioritised divestment of the Company's
portfolio of Italian assets are ongoing.
Commenting, Mark Hood, Chief Executive of Coro Energy, said:
"This is an exciting time for Coro Energy as it looks to build
on its recent acquisition and the resulting opportunities in SE
Asia's rapidly growing renewable energy sector. Coro Energy is
proud to be supporting the transition from fossil fuels to clean
energy in SE Asia and we have a large number of important
commercial and operational milestones approaching over the next
6-12 months. I am confident that we will rapidly develop our
platform of operated assets, with a view to creating a variety of
revenue streams that will add material value to the business. We
also look forward to commercial progress at Duyung."
For further information please contact:
Coro Energy plc Via Vigo Communications
Ltd
Mark Hood, Chief Executive Officer
Cenkos Securities plc (Nominated Adviser) Tel: 44 (0)20 7397 8900
Ben Jeynes
Katy Birkin
Vigo Communications Ltd (IR/PR Advisor) Tel: 44 (0)20 7390 0230
Patrick d'Ancona
Chris McMahon
Tennyson Securities (Broker) Tel: 44 (0)20 7186 9030
Peter Krens
Ed Haig-Thomas
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END
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