16:00 Thu 09 Sep 2021
Coro Energy PLC - Half-year Report
Coro Energy plc
("Coro", the "Company" or the "Group")
Interim Results
Coro Energy plc, the South East Asian energy company focused on leading the regional transition to a low carbon economy, announces its unaudited interim results for the six month period ended
Highlights
Operational
· Acquired Global Energy Partnership Ltd, an originator and developer of renewable energy projects in
· Operating infrastructure established in
· Continued progress toward commercialising the Mako gas field (Duyung PSC, Coro 15% interest), with the operator focused on key commercial workstreams including preparation of an updated Plan of Development and continuing Gas Sales Agreement negotiations
Corporate
· Appointed Mark Hood , an experienced clean energy executive and co-founder of GEPL, as Coro's Chief Executive Officer
· Announced execution of binding, conditional Sale and Purchase Agreement with Dubai Energy Partners Inc to dispose of the Group's Italian portfolio for cash consideration of €0.3 million
· Raised net proceeds of approximately $5.5m through a placing and open offer to fund the Group's low carbon energy investments
Post Balance Sheet Events
· Announced a new partnership in
Certain information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
For further information please contact:
Coro Energy plc
|
Via Vigo Communications Ltd
|
Cenkos Securities plc (Nominated Adviser)
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Tel: 44 (0)20 7397 8900 |
Vigo Consulting Ltd (IR/PR Advisor) Patrick d'Ancona
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Tel: 44 (0)20 7390 0230 |
WH Ireland (Broker)
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Tel: 44 (0)20 7220 1670 / 44 (0)113 394 6618
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STATEMENT FROM THE CHAIRMAN AND CHIEF EXECUTIVE OFFICER
Twelve months ago we announced that the Company was embarking on a strategic pivot, which transitioned the Company from a hydrocarbon-led strategy to one centred on low carbon energy investments. The Board is pleased to report that we have made strong progress in the first half of 2021 towards building a leading regional low carbon energy company.
As an initial step on that transition, the Company made its maiden clean energy investment in ion Ventures Holdings Ltd ("ion" or "ion Ventures") in
Following our strategic investment in ion Ventures, in
Post-acquisition of GEPL, our focus has been on establishing the Group's operating infrastructure in
We added to our clean energy portfolio, post-period, entering into a new partnership in
These transactions represent Coro's strategy at work: identifying opportunities for low-cost entry into countries with fast growing economies and forecasted strong energy demand growth. In this geography, value accretion occurs during the early planning and permitting stages of projects and by providing the early-stage capital for these projects, we will create opportunities to deliver outsized returns relative to initial development risk. Risk can be mitigated through adopting a portfolio approach with disciplined allocation of capital and strong local knowledge.
Alongside the GEPL acquisition, the Company successfully raised net proceeds of
The Mako gas field, contained within the Duyung PSC area (operated by Conrad Petroleum Ltd), remains a high value asset in our portfolio, with focus during the period on the strategic commercial workstreams. This included preparation by the operator of an updated Plan of Development for submission to the Indonesian authorities and gas sales agreement negotiations with various counterparties. Achievement of these commercial milestones will be key to upgrading contingent resources at Duyung to reserves, and ultimately to enabling the partners to take a Final Investment Decision ("FID").
Finally, we were pleased to execute a binding, conditional agreement with Dubai Energy Partners, Inc ("DEPI") during the period to dispose of the Company's non-core Italian gas portfolio in exchange for cash consideration of
Outlook
Having secured an exciting portfolio of clean energy projects across the South East Asian region, the Company is well placed to continue this momentum through the remainder of 2021 and into next year. Planning and permitting activities will continue for our priority projects in
We also look forward to completing our transaction with VPE in
Positive progress is also expected on key commercial milestones for Mako, along with completion of our disposal of the Italian portfolio, which will ensure our footprint and focus are solely on the South East Asian market.
Our Eurobond obligations remain at the forefront of our mind and we intend to seek a restructuring of those obligations to enable the Company to continue to pursue its clean energy growth led strategy.
We thank our shareholders for their support and look forward to updating them on our progress in the coming months.
Chairman Chief Executive Officer
FINANCIAL REVIEW
Results from continuing operations
The Group made a loss after tax from continuing operations of
General and administrative expenses were
Results from discontinued operations
As noted in the Chairman and CEO's Statement, we have agreed to dispose of our Italian operations to DEPI. Completion of the disposal is conditional on, inter alia, receipt of required regulatory approvals from the Italian authorities. The disposal has an economic effective date of
Activity remained subdued in our Italian operations during the period, following suspension of production from three fields in the first half of 2020 due to a significant fall in gas prices. Our focus has remained on cost control which saw the net cash outflow from operations reduced to
The accounting loss after tax from discontinued operations for the period was
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
The Directors have a reasonable expectation that the Group can restructure its balance sheet to enable the Group to remain in operation for at least 12 months from the date of publication of these interim financial statements. This may include a restructuring of its bond obligations in part or in full and/or a sale of assets, where the Directors' believe that the value of the Group's assets exceeds its debt exposure.
However, the ability of the Group to successfully manage its capital structure over the next 12 months is not guaranteed and represents a material uncertainty concerning the appropriate use of the going concern assumption in these interim financial statements. Should the Group 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 that might arise and to classify fixed assets as current.
Chief Financial Officer
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the Six Months Ended
|
Notes |
$'000 |
$'000 |
Continuing operations |
|
|
|
General and administrative expenses |
4 |
(1,686) |
(1,903) |
Depreciation expense |
|
(9) |
(73) |
Share of loss of associates |
|
(65) |
- |
Loss from operating activities |
|
(1,760) |
(1,976) |
Finance income |
|
1,223 |
25 |
Finance expense |
|
(2,218) |
(2,966) |
Net finance expense |
4 |
(995) |
(2,941) |
Loss before income tax expense |
|
(2,755) |
(4,917) |
Income tax benefit/(expense) |
|
- |
- |
Loss for the period from continuing operations |
|
(2,755) |
(4,917) |
Discontinued operations |
|
|
|
Loss for the period from discontinued operations |
11 |
(456) |
(1,795) |
Total loss for the period |
|
(3,211) |
(6,712) |
Other comprehensive income/loss |
|
|
|
Items that may be reclassified to profit and loss |
|
|
|
Exchange differences on translation of foreign operations |
|
(412) |
1,042 |
Total comprehensive loss for the period |
|
(3,623 |
(5,670) |
Loss attributable to: |
|
|
|
Owners of the company |
|
(3,211) |
(6,712) |
Total comprehensive loss attributable to: |
|
|
|
Owners of the company |
|
(412) |
(5,670) |
Basic loss per share from continuing operations ($) |
5 |
(0.0018) |
(0.006) |
Diluted loss per share from continuing operations ($) |
5 |
(0.0018) |
(0.006) |
The above condensed consolidated statement of comprehensive income should be read in conjunction with the accompanying notes.
CONDENSED CONSOLIDATED BALANCE SHEET
As at
|
Notes |
$'000 |
$'000 |
Non-current assets |
|
|
|
Property, plant and equipment |
|
14 |
16 |
Intangible assets |
6 |
18,114 |
17,274 |
Investment in associates |
|
610 |
666 |
Total non-current assets |
|
18,738 |
17,956 |
Current assets |
|
|
|
Cash and cash equivalents |
|
4,712 |
1,706 |
Trade and other receivables |
|
293 |
118 |
Inventory |
|
37 |
37 |
Derivative financial instruments |
|
- |
10 |
Total current assets |
|
5,042 |
1,871 |
Assets of disposal group held for sale |
11 |
10,432 |
11,417 |
Total assets |
|
34,212 |
31,244 |
Liabilities and equity |
|
|
|
Current liabilities |
|
|
|
Trade and other payables |
|
245 |
209 |
Borrowings |
7 |
25,728 |
689 |
Total current liabilities |
|
25,973 |
898 |
Non-current liabilities |
|
|
|
Borrowings |
7 |
- |
24,360 |
Total non-current liabilities |
|
- |
24,360 |
Liabilities of disposal group held for sale |
11 |
10,017 |
10,921 |
Total liabilities |
|
35,990 |
36,179 |
Equity |
|
|
|
Share capital |
8 |
2,927 |
1,103 |
Share premium |
8 |
50,430 |
45,786 |
Merger reserve |
|
9,708 |
9,708 |
Other reserves |
9 |
3,205 |
3,305 |
Accumulated losses |
|
(68,048) |
(64,837) |
Total equity |
|
(1,778) |
(4,935) |
Total equity and liabilities |
|
34,212 |
31,244 |
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
|
Share capital $'000 |
Share premium $'000 |
Merger Reserve $'000 |
Other Reserves $'000 |
Accumulated Losses $'000 |
Total $'000 |
Balance at |
1,080 |
45,679 |
9,708 |
3,978 |
(55,263) |
5,182 |
Total comprehensive loss for the period: |
|
|
|
|
|
|
Loss for the period |
- |
- |
- |
- |
(6,712) |
(6,712) |
Other comprehensive income |
- |
- |
- |
1,042 |
- |
1,042 |
Total comprehensive loss for the period |
- |
- |
- |
1,042 |
(6,712) |
(5,670) |
Transactions with owners recorded directly in equity: |
|
|
|
|
|
|
Issue of share capital |
5 |
76 |
- |
- |
- |
81 |
Share based payments for services rendered |
- |
- |
- |
530 |
- |
530 |
Lapsed share options |
- |
- |
- |
(593) |
593 |
- |
Balance at |
1,085 |
45,755 |
9,708 |
4,957 |
(61,382) |
123 |
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the Six Months Ended
|
Share capital $'000 |
Share premium $'000 |
Merger Reserve $'000 |
Other Reserves $'000 |
Accumulated Losses $'000 |
Total $'000 |
Balance at |
1,103 |
45,786 |
9,708 |
3,305 |
(64,837) |
(4,935) |
Total comprehensive loss for the period: |
|
|
|
|
|
|
Loss for the period |
- |
- |
- |
- |
(3,211) |
(3,211) |
Other comprehensive loss |
- |
- |
- |
(412) |
- |
(412) |
Total comprehensive loss for the period |
- |
- |
- |
(412) |
(3,211) |
(3,623) |
Transactions with owners recorded directly in equity: |
|
|
|
|
|
|
Issue of share capital |
1,504 |
4,513 |
- |
- |
- |
6,017 |
Share issue costs |
- |
(826) |
- |
- |
- |
(826) |
Shares issued for business combination |
198 |
590 |
- |
- |
- |
788 |
Share based payments for services rendered |
122 |
367 |
- |
171 |
- |
660 |
Issue of warrants |
- |
- |
- |
141 |
- |
141 |
Balance at |
2,927 |
50,430 |
9,708 |
3,205 |
(68,048) |
(1,778) |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the Six Months Ended
|
$'000 |
$'000 |
Cash flows from operating activities |
|
|
Receipts from customers |
410 |
756 |
Payments to suppliers and employees |
(2,157) |
(3,265) |
Interest received |
- |
28 |
Interest paid |
(661) |
(622) |
Net cash used in operating activities |
(2,408) |
(3,103) |
Cash flow from investing activities |
|
|
Receipts for property, plant & equipment |
3 |
- |
Payments for exploration & evaluation assets |
(71) |
(16) |
Net receipts from / (payments for) rehabilitation activities |
102 |
(43) |
Net cash provided by / (used in) investing activities |
34 |
(59) |
Cash flows from financing activities |
|
|
Proceeds from issue of shares |
6,017 |
- |
Share issue costs paid in cash |
(528) |
- |
Principal element of lease payments |
(36) |
(120) |
Net cash provided by / (used in) financing activities |
5,453 |
(120) |
Net increase / (decrease) in cash and cash equivalents |
3,079 |
(3,282) |
Cash and cash equivalents brought forward |
1,761 |
6,526 |
Effects of exchange rate changes on cash |
(22) |
195 |
Cash and cash equivalents carried forward |
4,818 |
3,439 |
Cash and cash equivalents carried forward at
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
For the Six Months Ended
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
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
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
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
The Directors have a reasonable expectation that the Group can restructure its balance sheet to enable the Group to remain in operation for at least 12 months from the date of publication of these interim financial statements. This may include a restructuring of its bond obligations in part or in full and/or a sale of assets, where the Directors' believe that the value of the Group's assets exceeds its debt exposure.
However, the ability of the Group to successfully manage its capital structure over the next 12 months is not guaranteed and represents a material uncertainty concerning the appropriate use of the going concern assumption in these interim financial statements. Should the Group 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 that might arise and to classify fixed assets as current.
a) New and amended standards adopted by the Group
New and amended standards which became applicable on
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
The financial position and performance of the Group was particularly affected by the following events and transactions during the six months to
− Acquisition of Global Energy Partnership Limited, an originator and developer of renewable energy projects in
− Issue of shares to new and existing investors to raise gross proceeds of
For further discussion of the Group's performance and financial position refer to the Chairman and CEO's Statement.
The Group's results are not materially impacted by seasonality.
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
|
|
|
|
Total |
||||
30 June 2021 $'000 |
30 June 2020 $'000 |
30 June 2021 $'000 |
30 June 2020 $'000 |
30 June 2021 $'000 |
30 June 2020 $'000 |
30 June 2021 $'000 |
30 June 2020 $'000 |
|
Depreciation and amortisation |
- |
- |
- |
- |
(9) |
(73) |
(9) |
(73) |
Interest expense |
- |
- |
- |
- |
(2,218) |
(1,798) |
(2,218) |
(1,798) |
Share of loss of associates |
- |
|
- |
|
(65) |
- |
(65) |
- |
Segment loss before tax from continuing operations |
- |
- |
(80) |
(169) |
(2,675) |
(4,748) |
(2,755) |
(4,917) |
Segment loss before tax from discontinued operations |
(456) |
(947) |
- |
- |
- |
- |
(456) |
(947) |
|
|
|
|
Total |
||||
30 June 2021 $'000 |
31 Dec 2020 $'000 |
30 June 2021 $'000 |
31 Dec 2020 $'000 |
30 June 2021 $'000 |
31 Dec 2020 $'000 |
30 June 2021 $'000 |
31 Dec 2020 $'000 |
|
Segment assets |
10,432 |
11,417 |
18,227 |
17,511 |
5,553 |
2,316 |
34,212 |
31,244 |
Segment liabilities |
(10,017) |
(10,921) |
(10) |
(9) |
(25,963) |
(25,249) |
(35,9910) |
(36,179) |
Assets and liabilities of the Italian segment are classified as a disposal group held for sale in the Group balance sheet
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 2021 $'000 |
30 June 2020 $'000 |
Employee benefits expense |
409 |
577 |
Business development |
530 |
182 |
Corporate and compliance costs |
217 |
303 |
Investor and public relations |
128 |
169 |
Other G&A |
153 |
96 |
G&A - non-operated joint operations |
79 |
92 |
Share based payments (note 9) |
170 |
484 |
|
1,686 |
1,903 |
b) Finance income / expense
|
30 June 2021 $'000 |
30 June 2020 $'000 |
Finance income |
|
|
Foreign exchange gains |
1,223 |
- |
Interest income |
- |
25 |
|
|
|
Finance expense |
|
|
Interest on borrowings |
(2,218) |
(1,798) |
Finance charge on lease liabilities |
- |
(5) |
Foreign exchange losses |
- |
(1,139) |
Unrealised loss on foreign exchange forward contracts |
- |
(24) |
Net finance income / (expense) |
(995) |
(2,941) |
Note 5: Loss per share
|
30 June 2021 |
30 June 2020 |
Basic loss per share from continuing operations ($) |
(0.0018) |
(0.006) |
Diluted loss per share from continuing operations ($) |
(0.0018) |
(0.006) |
Basic loss per share from discontinued operations ($) |
(0.0003) |
(0.002) |
Diluted loss per share from discontinued operations ($) |
(0.0003) |
(0.002) |
The calculation of basic loss per share from continuing operations was based on the loss attributable to shareholders of
Basic loss per share from discontinued operations was based on the loss attributable to shareholders from discontinued operations of
Diluted loss per share from continuing and discontinued 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: Intangible assets
|
30 June 2021 $'000 |
31 December 2020 $'000 |
Exploration and evaluation assets |
17,307 |
17,251 |
Software |
19 |
23 |
Goodwill |
788 |
- |
|
18,114 |
17,274 |
Reconciliation of the carrying amounts for each material class of intangible assets are set out below:
Exploration and evaluation assets: |
|
|
Carrying amount at beginning of period |
17,251 |
17,247 |
Additions |
56 |
4 |
Carrying amount at end of period |
17,307 |
17,251 |
Exploration and evaluation assets relates to the Group's 15% interest in the Duyung PSC, which contains the Mako gas field. There were no indicators of impairment noted at
As explained further in note 10, goodwill was recognised following the acquisition of GEPL. No impairment of goodwill was noted following testing performed at
Note 7: Borrowings
|
30 June 2021 $'000 |
31 December 2020 $'000 |
Current |
|
|
Eurobond |
25,728 |
689 |
|
25,728 |
689 |
Non-current |
|
|
Eurobond |
- |
24,360 |
|
- |
24,360 |
Borrowings relates to
Note 8: Share capital and share premium
|
30 June 2021 Number 000's |
Nominal value $'000 |
Share Premium $'000 |
30 June 2021 Total $'000 |
As at |
806,908 |
1,103 |
45,786 |
46,889 |
Shares issued during the period: |
|
|
|
|
Fund raise |
1,074,715 |
1,504 |
3,687 |
5,191 |
Consideration for business combination |
142,500 |
198 |
590 |
788 |
Services rendered |
87,500 |
122 |
367 |
489 |
Closing balance - |
2,111,623 |
2,927 |
50,430 |
53,357 |
|
Number 000's |
Nominal value $'000 |
Share Premium $'000 |
Total $'000 |
As at |
789,586 |
1,080 |
45,679 |
46,759 |
Shares issued during the period: |
|
|
|
|
Issued for services rendered |
17,322 |
23 |
107 |
130 |
Closing balance - |
806,908 |
1,103 |
45,786 |
46,889 |
Note 9: Reserves
a) Other reserves
Share based payments reserve
The Company implemented a new Long Term Incentive Plan ("LTIP") during the period. Under the Plan, 22.5m options were issued on
The options have been valued on their respective grant dates using a Monte Carlo simulation model, resulting in a valuation of
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
Note 10: Business combination
Summary of acquisition
On
Background to the acquisition
Since inception, GEPL has screened over 25GW of renewable energy projects and has identified a short list of priority pipeline projects for investment across
For the financial period ended
The acquisition met a number of key strategic objectives for the Group, including:
• Acquiring GEPL's pipeline of early-stage renewable energy projects in
• Securing an experienced executive team with a proven record of originating and executing energy projects; and
• Building on the Company's investment in ion Ventures in 2020, acquiring a complementary business with opportunities for project co-development in future.
Consideration for the acquisition
In exchange for acquiring 100% of the issued capital of GEPL, the Company issued 142.5 million new ordinary shares to the former GEPL shareholders at 0.4p per share, being the same price as the fundraise completed concurrently with the acquisition, resulting in a total value of consideration of
Transaction costs totalling
Fair value of assets and liabilities acquired
At acquisition, GEPL's projects were at an early stage, with the initial focus being on two high graded opportunities in
Accordingly, the full purchase consideration of
Revenue and profit contribution
The acquired business contributed nil revenues and a net loss of
Note 11: Discontinued operations
The Group classifies the assets and liabilities of its Italian business as a disposal group held for sale following a decision by the Board of Directors to prioritise full divestment of the Group's Italian operations in the first half of 2019. Given the Italian business represents a separate geographical area of operation for the Group, the Italian results have also been treated as a discontinued operation. In
The results of the Italian operations for the period are presented below:
|
30 June 2021 $'000 |
30 June 2020 $'000 |
Revenue |
263 |
623 |
Operating costs |
(399) |
(597) |
Gross profit/(loss) |
(136) |
26 |
Other income |
143 |
79 |
General and administrative expenses |
(233) |
(505) |
Depreciation expense |
- |
- |
Change in rehabilitation provisions |
(67) |
27 |
Impairment losses |
(138) |
(517) |
Loss from operating activities |
(431) |
(890) |
Finance income |
- |
21 |
Finance expense |
(25) |
(78) |
Loss before tax |
(456) |
(947) |
Income tax benefit/(expense) |
- |
(848) |
Loss for the period after tax |
(456) |
(1,795) |
The major classes of assets and liabilities of the Italian operations classified as held for sale as at
|
30 June 2021 $'000 |
$'000 |
Assets |
|
|
Property, plant and equipment |
4,390 |
4,622 |
Exploration and evaluation assets |
1,939 |
1,992 |
Right of use assets |
32 |
108 |
Land |
1,561 |
1,927 |
Deferred tax assets |
1,406 |
1,455 |
Inventories |
209 |
300 |
Trade and other receivables |
789 |
958 |
Cash |
106 |
55 |
Total assets |
10,432 |
11,417 |
Liabilities |
|
|
Trade and other payables |
1,033 |
1,702 |
Lease liabilities |
32 |
62 |
Provisions |
8,952 |
9,157 |
Total liabilities |
10,017 |
10,921 |
Net assets |
415 |
496 |
Under IFRS 5, non-current assets are not depreciated once they are designated as held for sale. As a result, impairments of
The entire Italian business has been fair valued at the balance sheet date to determine if any further writedowns are required in addition to the impairments discussed above. Management determined the fair value of the disposal group with reference to the disposal price agreed with DEPI which is
The net cash flows of the Italian operations were as follows:
|
30 June 2021 $'000 |
30 June 2020 $'000 |
Net cash flow from operating activities |
(142) |
(278) |
Net cash flow from investing activities |
91 |
(59) |
Net cash flow from financing activities |
102 |
374 |
Net cash inflow/(outflow) |
51 |
37 |
Note 12: Interests in other entities
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"), which contains the Mako gas field. The operator of the Duyung venture is West Natuna Exploration Ltd ("WNEL"). WNEL is a subsidiary of Conrad Petroleum Ltd, and is incorporated in the
The Duyung PSC partners have entered into a Joint Operating Agreement ("JOA") which governs the arrangement. The Group accounts for its share of assets, liabilities and expenses of the venture in accordance with the IFRSs applicable to the particular assets, liabilities and expenses.
In
ion Ventures
In 2020, the Company acquired a 20.3% interest in ion Ventures Holdings Limited which is treated as an associate and accounted for under the equity method.
The Group's share of loss of associates for the 6 month period ended
Note 13: Contingencies and commitments
Commitments
The remaining 2021 work program for the Duyung PSC is estimated at
Contingencies
The Group has no contingent assets or liabilities.
Note 14: Subsequent events
On
There are no other material subsequent events requiring disclosure.
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