Coro Energy

Highly compelling regional energy play focused on renewables and gas benefitting from the rapidly growing SE Asian economies

Coro Energy is the old Saffron Energy, which joined AIM in February 2017 with onshore gas producing interests in Italy. Within 12 months a new management team had taken over, led by James Parsons as Chairman. He brought a brand-new strategy for expansion and transformational growth focused on South East Asia. 2019 saw Coro acquire a 15% interest in the Duyung PSC in a deal which involved helping to fund a highly successful appraisal drilling campaign which showed just how large this project really is. In 2021, Coro acquired GEPL and 20% of ion Ventures. These vehicles are both being used to further the company’s renewables strategy in South East Asia.

  • Booming electricity demand in South East Asia fueled by GDP growth

    Growth in electricity demand in SE Asia is amongst the fastest in the world due to the rapidly rising population, rising incomes, industrialisation and urbanisation. Coro sees enviable opportunities to supply this market with gas and renewable energy as coal generation still dominates.

  • Well-positioned to supply gas to Singapore with its premium prices

    Duyung PSC’s Mako Gas Field is one of the largest gas fields ever discovered in the West Natuna Basin, offshore Indonesia. It is a shallow single tank deposit that is technically low risk. Gas production could start as early as 2025.

  • Now rapidly rolling out 150MW of rooftop solar projects in Vietnam

    Coro is funding the roll out of 150MW of roof top solar projects in Vietnam where a 3MW pilot project is now in operation. Looking to take precedence are two utility scale 100MW solar and 100MW wind projects in the Philippines which are 6 and 12 months away from Ready to Build status.

  • We see upside of +1,000% based on Duyung PSC & Vietnam solar rollout

    Our highly conservative valuation shows the potential. We update coverage of Coro Energy with a target price of 3.23p and Conviction buy stance.


    Coro Energy is a research client of Align Research. Align Research own shares in Coro Energy. Full details of our Company & Personal Account Dealing Policy can be found on our website 

    For full disclaimer information please refer to the last page of the full document. This investment may not be suitable for your personal circumstances. If you are in any doubt as to its suitability you should seek professional advice. This note does not constitute advice and your capital is at risk. This is a marketing communication and cannot be considered independent research.

Table: financial overview
Year to December 2020A 2021A 2022E 2023E
Revenue (US$’000) 0 0 80 800
PTP (US$’000) (7,969) (6,475) (8,890) (6,450)
EPS ($) (0.010) (0.003) (0.004) (0.003)
Source: Company accounts & Align Research