Coro Energy PLC (AIM:CORO) told investors that it continues to make progress across its South East Asian portfolio, pointing to important milestones met at its Duyung project.
Efforts to bring in a farm-in partner and advance the project continue, the company said in its interim results statement.
Coro added that its renewables portfolio across both the Philippines and Vietnam continues to grow.
On the finance front, the company is continuing work on a longer-term refinancing and a recapitalisation, noting that its existing facilities cover working capital requirements through to the end of January 2025.
In terms of the operations, Coro noted that in Vietnam it has signed a 14-year Power Purchase Agreement (PPA) with Mobile World Group (MWG) to supply power to ten commercial and industrial rooftop solar sites with a combined capacity of 0.43 MW.
This was followed by the signature of a second PPA with MWG, covering an additional 30 sites.
It has since entered into a third PPA with MWG, initiating construction at 50 more sites, adding a total of 3.3 MW in contracted capacity across 90 locations.
In the natural gas business, the company’s partner and the operator of the Duyung Production Sharing Contract (PSC) – in which Coro holds a 15% interest – has secured binding agreements for domestic and export gas sales from the Mako gas field.
Coro reported a $1.4 million loss after tax for the period, narrowed from the comparative $2.5 million loss in the same period of 2023.