Coro Energy PC chief executive Mark Hood told investors the company made progress in the first half as it transitioned from a hydrocarbon-led strategy to one centred on low carbon energy investments.
In its interim results statement, Hood said having secured an exciting portfolio of clean energy projects across South East Asia, the company is well placed to continue this momentum through the remainder of 2021 and into next year.
During the period under review Coro acquired Global Energy Partnership Ltd, an originator and developer of renewable energy projects, established operating infrastructure in the Philippines as it advanced permitting activities for a 100MW solar project, and continued progress towards the commercialisation of the Mako gas field.
It also agreed a deal with Dubai Energy Partners Inc which sees the AIM-quoted firm divest its Italian hydrocarbons unit for €300,000.
A share placing saw the company raise US$5.5mln in February.
Thursday’s interim financial results statement confirmed the company held US$4.7mln of cash and equivalents at the end of June.
The pre-revenue group meanwhile reported a US$3.2mln total loss, including a US$2.2mln related to finance expenses and US$456,000 of losses from discontinued operations.