Coro Energy plc Annual Report 2023

FY2023 Annual Report · Coro Energy plc
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Supporting the  
regional transition  
to a low-carbon  
economy
Annual Report and Financial Statements 
for the year ended 31 December 2023
Stock code: CORO
Company Number: 10472005


 Annual Report and Accounts for the year ended 31 December 2023 
1
Stock code: CORO
STRATEGIC REPORT
Contents
Statement from the Directors ................................................................................................................................................................................................. 4
Market Review .......................................................................................................................................................................................................................................5
Our Markets .............................................................................................................................................................................................................................................6
Business Model .....................................................................................................................................................................................................................................7
Our Strategy ............................................................................................................................................................................................................................................8
Building and Developing our Clean Energy Portfolio ...........................................................................................................................................9
Operational Review .........................................................................................................................................................................................................................10
Financial Review ................................................................................................................................................................................................................................13
Managing Risk .....................................................................................................................................................................................................................................15
ESG Statement of Intent .............................................................................................................................................................................................................19
ESG ..............................................................................................................................................................................................................................................................20
Directors’ Statement under s.172(1) CA 2006 ...............................................................................................................................................................21
Corporate Governance Statement .....................................................................................................................................................................................23
Board of Directors  ..........................................................................................................................................................................................................................25
Corporate Governance Framework ...................................................................................................................................................................................26
HSE Report ............................................................................................................................................................................................................................................30
Directors’ Remuneration Report ..........................................................................................................................................................................................31
Directors’ Report ...............................................................................................................................................................................................................................33
Statement of Directors’ Responsibilities........................................................................................................................................................................35
Independent Auditor's Report ..............................................................................................................................................................................................36
Consolidated Statement of Comprehensive Income.........................................................................................................................................44
Consolidated Balance Sheet ...................................................................................................................................................................................................45
Consolidated Statement of Changes in Equity ....................................................................................................................................................... 46
Consolidated Statement of Cash Flows .........................................................................................................................................................................47
Company Balance Sheet...........................................................................................................................................................................................................48
Company Statement of Changes in Equity ............................................................................................................................................................... 49
Company Statement of Cash Flows ..................................................................................................................................................................................50
Notes to the Financial Statements .....................................................................................................................................................................................51
Company Information ................................................................................................................................................................................................................. 88

2 
Coro Energy plc
www.coroenergyplc.com
Coro is a South East Asian energy company 
supporting the regional transition to a  
low-carbon economy. 
Investment Case
Blended renewables and gas portfolio 
underpinned by strong regional energy 
demand growth.
Electricity demand is forecast to increase 152% by 
2050 (7th Asean Energy report 2024) with post-Covid 
recovery strong in both the Philippines and Vietnam, 
and the accelerating need to replace coal as a 
primary energy source.
Read more in the Market Review on page 5. 
Duyung asset 
The Company has a 15% non-operated interest in 
the Duyung Production Sharing Contract ("PSC"), 
offshore Indonesia. The Operator commissioned an 
updated reserves and resources report prepared 
by GaffneyCline Associates in March 2024, which 
highlights a Best Case scenario of 36.6 Bcf net 
entitlement 2C resources to Coro during the PSC 
life.  The Company notes recent progress by Conrad 
Asia Energy Ltd (the "Operator") which includes the 
signature of Gas Sales Agreement (“GSA”) for both 
domestic and international gas volumes.
The Company awaits ﬁnalisation of documentation 
to access the West Natuna Transportation System 
for the transportation of gas to Singapore, and the 
results of the Operator's farm down process, in 
respect of which Coro has tag and drag along rights. 
The Company is looking to move to ﬁnal investment 
decision once these items are complete.  
Read more in the Operational Review on page 10.
Building the clean energy portfolio
Philippines:
The Company is currently focused on four early 
stage development renewables projects in the 
Municipality of Oslob in the province of Cebu, 
Philippines: two 100MW onshore wind projects, 
which have approved Wind Energy Service Contracts 
("WESCs"); a 100MW onshore solar project where an 
application for a service contract is soon expected to 
be submitted; and one further 100MW onshore wind 
project. A key focus remains maturing a portfolio 
of licenses that can justify the connection costs to 
the grid.
The Company has an entitlement to 88% of the 
future dividends from the Philippine projects and 
is considering all strategic options on how to best 
create value.
Vietnam:
The Company has a producing 3-megawatt pilot 
project consisting of over 4,500 solar panels and 
other ancillary components that has been installed 
across four factory roofs in Vietnam and cover a total 
area of 16,120 square metres. This project delivers 
electrical power that is being consumed on site by 
Phong Phu Corporation, one of Vietnam's premier 
textile manufacturers under a 25-year power 
purchase agreement, and is expected, at current 
pricing levels, to produce net cash ﬂows to the 
Company of approximately $0.3m per annum.

 Annual Report and Accounts for the year ended 31 December 2023 
3
Stock code: CORO
STRATEGIC REPORT
The Company also has a Memorandum of 
Understanding ("MoU") with Mobile World 
Investment Corporation ("MWG") in Vietnam to 
install rooftop solar systems across their Vietnamese 
portfolio. 
The Company recently signed, as a pilot under the 
MoU, a binding 14-year power purchase agreement 
(“PPA”) with MWG to deliver power at the ﬁrst ten 
sites as a pilot phase with a capacity of 430kw. These 
sites are now operational and a PPA has been signed 
for the next 30 sites, where construction is currently 
underway. The PPA term for all sites is extendable 
in certain circumstances and includes a variable 
price with a ﬂoor of circa US$11.2 cents/kilowatt hour. 
The capital required for construction is expected 
to be funded from existing in-country Company 
resources, third party ﬁnancing and from a debt 
facility expected to be provided by HDBank, who 
have now, in addition to the previously announced 
non-binding commitment letter, provided an 
indicative offer letter.  The offer letter, which remains 
non binding but is expected to become binding 
following signature of the EPC contract, provides 
credit facilities for 8 years at a 12% variable interest 
rate in respect of the pilot locations. The Company 
has also secured an EPC ﬁnancing arrangement 
locally for upto US$1M of capital. 
The Company's strategy is to proceed with the 
MWG transaction as quickly as our funding allows 
us, utilising local debt where possible, with a view 
to generating  cash ﬂows from the rooftop solar 
portfolio.
Sale of Italian gas portfolio and ion Ventures 
to accelerate development projects in South 
East Asia:
The Company disposed of its Italian natural gas 
assets to Zodiac Energy plc by way of the sale of 
the entire issued share capital of Coro Europe 
Limited, which was completed in November 2023. 
Additionally the Company disposed of its entire 
minority shareholding in ion Ventures Holdings 
Limited in August 2023. The main commercial terms 
of these disposals are described in the Finance 
Review and in note 19(a) and 19 (b) of the Notes to 
the Financial Statements. The disposal was fully 
in line with the Company's strategic objectives, 
enabling Coro to focus exclusively on South East Asia 
where demand for energy and the opportunity for 
material expansion remain very strong.
 Read more in Building and Developing our Clean 
Energy Portfolio on page 9. 
Unique offering in the London 
marketplace
1.  Signiﬁcant position in high potential Indonesian 
gas project approaching monetisation 
2.  Revenue generating renewables portfolio, set for 
expansion and scale
3.  Low-carbon investment strategy
4.  Signiﬁcant upside – early-stage development 
entry point

4 
Coro Energy plc
www.coroenergyplc.com
At the Company’s Annual General Meeting, (“AGM”) 
in May 2024 the Chairman was not re-elected 
which resulted in suspension of trading due to an 
inquorate Board. The sole remaining Director took 
immediate steps to resolve this and as a result Harry 
Beamish was appointed to the Board.  Harry has 
signiﬁcant expertise in the energy and renewables 
sectors with over a decade specialising in emerging 
markets, and has developed, advised and structured 
multiple renewable energy transactions across 
Hydro, Solar, Wind, and Energy Efﬁciency and 
advises companies within the Energy Transition 
space. With the publication of this annual report and 
accounts the Board expects trading of the stock to 
resume.  Also on publication of the annual reports 
and accounts, Tom Richardson is to be appointed as 
Non-Executive Chair of the Company. 
Despite the unexpected suspension in the second 
quarter of the year the Company continues to 
make progress across its South East Asian portfolio.  
Having been through a period of portfolio refocus, 
selling both the ion investment and the Italian gas 
portfolio in 2023, the long awaited and important 
milestones are ﬁnally approaching at Duyung 
alongside continued l developments which are 
expected in our renewables portfolio across both 
the Philippines and Vietnam.  The objective of the 
Philippines business remains to secure RTB projects, 
whilst in Vietnam the over-riding objective remains 
to generate solid cost base covering cash ﬂows.
Consistent with this regional focus and with a view 
to providing additional time to the Company, the 
Company recently announced a standstill with its 
Eurobond lenders.  It continues to work towards a 
broader debt restructuring solution that structurally 
solves Coro's capital structure whilst providing 
funding for our renewables deployment. 
Management have prepared a consolidated cash 
ﬂow forecast for the period to 31 December 2025 
which shows that the Group will require additional 
equity ﬁnancing to meet its obligations and 
intended work renewables work programme in 
Asia during this period. Post the year under review, 
the Company raised US$500,000 via a secured 
convertible loan with River Merchant Capital, 
an existing lender to the Company under the 
Company’s Luxembourg 8% listed Eurobond and 
Fenikso Limited. The proceeds of this loan will be 
utilised to fund the Group's renewables business 
and for general working capital purposes. Under 
the Group’s forecast, this loan together with existing 
bank balances provides sufﬁcient funding to fund 
the Company’s working capital requirements 
through to the end of January 2025.
TOM RICHARDSON 
Non-Executive Director
Statement from the Directors

 Annual Report and Accounts for the year ended 31 December 2023 
5
Stock code: CORO
STRATEGIC REPORT
Why renewable energy?
The global transition to lower carbon energy 
continued to be a geopolitical priority in 2023, as the 
war in Ukraine underlined the importance of energy 
security and social pressures to divest from higher 
carbon energy sources, particularly oil and coal, 
intensiﬁed throughout the year. 
Electriﬁcation of transport, residential homes, and 
industry will require new investment in electricity 
generation and battery storage, the urgency of 
which has been highlighted by energy price spikes 
throughout the year, causing global inﬂation and 
interest rate increases.
Renewables will look to take a share in the 
replacement of coal produced power, as older coal 
generation facilities come to end of life.
Energy generation from renewables is highly cost 
competitive, when compared with fossil fuels.
Growing global interest and investment in 
renewables provides a strong narrative for 
investor comfort in long-term commitment to 
renewable projects.
Why South East Asia?
Energy demand is forecast to rise signiﬁcantly in the 
region following strong recovery post-Covid, a rapidly 
increasing population, and growing wealth.
South East Asia has signiﬁcant capacity for the 
development of renewable projects, with supportive 
governments and abundant wind, solar and tidal 
potential. Ultimately, overseas investment and 
expertise can help countries in the region to reduce 
their dependence on energy imports and decrease 
reliance on fossil fuels, particularly coal. 
Coal remains a dominant energy source in the 
region with renewables penetration low for an area 
with such considerable potential. International 
cooperation and initiatives such as those proposed 
at COP 26 have clearly inﬂuenced policy as the 
Vietnamese and Indonesian governments seek to 
direct investment away from legacy coal projects in 
favour of clean energy developments.
Uncertainties regarding fossil fuel access and 
continuation of supply, coupled with volatile pricing 
have increased the attractiveness of stable resourced 
power sources that are better insulated from 
global events. Furthermore, government policies 
on grid infrastructures are assisting the transition 
to renewable projects as major energy sources 
– improved infrastructure invariably accelerates 
potential for mass adoption. 
The impact of climate change directly impacts 
South East Asia more than almost any region in the 
world. An island nation, heavily dependent on the 
sea and agriculture, the Philippines is vulnerable 
to extreme weather events and is one of the top 
three countries most affected by climate change 
according to the Global Climate Risk Index. 
In the medium term, renewables alone do not 
yet have the capacity to meet South East Asia’s 
accelerating energy demands. Coro continues to 
evaluate medium risk/high reward hydrocarbon 
prospects in the region to provide an economical 
and secure energy mix to complement its renewable 
activity in the region. 
The proceeds of Coro’s shorter-term investments 
in oil and gas projects would then be re-invested 
in longer-term renewable projects with Coro 
maintaining its position as a catalyst for the 
sustainable energy transition in the region. 
Any oil and gas activity in the region would mainly 
focus on high-impact, low-medium risk gas 
development, preferably onshore. The primary focus 
for Coro would be on the redevelopment of brown 
ﬁeld sites, development of existing discoveries, and 
near-ﬁeld exploration. 
Market Review

6 
Coro Energy plc
www.coroenergyplc.com
Our Markets
South East Asia 
Growth remains high in the region 
ASEAN economies are predicted to grow 4.2% on 
average this year according to the International 
Monetary Fund (“IMF”) with the Philippines and 
Vietnam experiencing the most rapid expansion, 
with both predicted to grow by 4.7%, according 
to the World Bank. By comparison, GS predicts 
Singapore to grow by 1.5% and Malaysia by 4%. 
Electricity demand is rising as the population 
grows and accumulates more wealth and a 
middle class emerges
As South East Asia continues its post-Covid recovery, 
the demand for electricity continues to accelerate. 
Electricity consumption grew by 3.8% in 2021 YoY 
and will grow by 5% per annum in 2022–2024, 
(source: IEA).
Demand for electricity in the Philippines is set to 
increase from 15,282MW in 2020 to 54,655 MW in 
2040 (source: Climate scope 2022).
Moreover, Vietnam’s electricity demand increased 
by 10% p.a. from 2014–2019 and Electricity Vietnam 
(EVN) estimates the country must triple installed 
capacity by 2030 from c. 50 GW to 130 GW. 
Renewables and Energy Storage
Cost of deploying renewables in country 
is attractive 
The levelised cost of energy considers the cost 
of electricity production over an asset’s lifetime. 
Renewable assets have an indicative project 
lifespan of 25 years, signiﬁcantly longer than many 
hydrocarbon projects. The levelised cost of solar and 
wind projects in South East Asia are signiﬁcantly 
lower than in many parts of the world, and look 
set to continue to decrease throughout 2023 and 
into 2024.
Natural Landscape offers signiﬁcant beneﬁts 
A typical 150 MW solar project should produce at 
least 150 GWh of electricity a year – in South East 
Asia this is signiﬁcantly higher, due to higher levels 
of irradiation. 
“Vietnam has tremendous natural endowments: 4 
to 5 kilowatt-hours per square meter for solar and 
3,000 kilometres of coastlines with consistent winds 
in the range of 5.5 to 7.3 meters per second.” (source: 
McKinsey)
1 MW of peak power capacity in a solar plant in 
Vietnam has the potential to produce 1.5 times more 
energy than in the UK. 
The Philippines also has an abundance of solar and 
wind especially near its coastline making it the ideal 
country for renewables growth.
High cost of coal and LNG in South East Asia 
accelerating the use of renewables as part of 
the energy mix 
At the start of 2022, Indonesia, the world’s largest 
coal exporter, placed a temporary ban on exports of 
the fuel to avoid outages in domestic power stations. 
Coal prices were 59% higher than two months 
earlier, close to the previous peak on 15 October 2021. 
This inﬂated cost of coal is accelerating the need 
for energy security and the need for local energy 
sources, which renewables can ﬁll. Coal continued to 
increase in cost throughout 2023 causing Vietnam’s 
EVN (Electricity Vietnam) to implement two price 
increases during 2023 of 3.5% followed by a further 
4% price increase to all sectors of the market.
Renewables in Vietnam are set to have a similar 
share to coal in the energy mix by the end of 2024 (at 
42% and 43% respectively), (International Renewable 
Energy Agency).
Favourable Regulation 
A number of regions within South East Asia offer 
favourable regulation for renewables with preference 
into the grid given in some countries like the 
Philippines. This trend shows no sign of abating with 
sustained international pressure to establish and 
achieve emission reduction targets. 
During 2023 the Philippines energy regulator 
adjusted regulations for solar rooftop systems 
for both grid and non-grid connected systems, 
providing a framework for developers to provide 
green electricity to consumers at competitive rates. 
"Renewable assets have an 
indicative project lifespan of 25 years, 
signiﬁcantly longer than many 
hydrocarbon projects."

 Annual Report and Accounts for the year ended 31 December 2023 
7
Stock code: CORO
STRATEGIC REPORT
Our Strengths
• 
 Status of being an Independent Power 
Producer now secured in Vietnam
 
 3MW commercial & industrial rooftop under 
operation and 10 sites now operational with a 
further 30 under construction with Mobile  
World Group 
• 
ESG at our Core: 
 
 Clear vision of leading the energy transition 
to renewables in South East Asia. ESG 
strategy aligned with appropriate Sustainable 
Development Goals (“SDGs”) 
Our Markets – South East
Develop existing assets: 
• 
Duyung 
• 
Vietnam
• 
Philippines
Grow asset portfolio: 
• 
 Expand existing renewables portfolio in Vietnam 
through operational asset acquisitions and new 
build project
• 
 Increase size of Philippine’s portfolio through 
rigorous assessment of new opportunities and 
securing the WESC’s
•   Participate in the development of Mako ﬁeld and 
look for monetisation opportunities on the back 
of the operator farm out process
Operate Sustainably: 
• 
 Bring beneﬁt to the countries we operate in 
through job creation and access to renewable 
energy
• 
Limit impact on the environment 
• 
Development of local community projects
• 
 Engagement with local providers to keep 
investment beneﬁts in country to develop our 
presence and importance to local economies.
Business Model

8 
Coro Energy plc
www.coroenergyplc.com
Coro’s vision is to build a South East Asian energy business with a blend of Oil 
and Gas and renewables exposure. To facilitate this, its near term focus is on 
commercially de-risking and then monetising its position in the Duyung PSC so 
that it can repay or restructure its corporate debt, which it is hoped will result in a 
well funded company with an appropriate capital structure. In the meantime the 
Company will continue to grow its renewables businesses to provide sustainable 
cash ﬂow generation. 
Strategic Priorities
1. Vision in supporting the South East Asian 
energy transition
GDP in the ASEAN region is forecast to more 
than double to US$20tn by 2040 (The 6th Asean 
Energy Outlook Report), resulting in increasing 
energy demand. To meet emissions targets 
and boost energy independence and security, 
signiﬁcant investment in clean energy and 
energy storage is planned in South East Asia – 
up to US$500bn by 2040. Further investment 
in energy sources, (including both renewables 
and gas), that complement the energy mix and 
reduce the dependence of the region on higher 
polluting fossil fuels is necessary. Coro’s vision and 
contribution to this reduction in greenhouse gases 
is evidenced by our recent investments in assets 
and businesses that are supporting the energy 
transition in the region. Understanding the role gas 
has in the energy transition validates our strategy 
to continue to remain open to opportunities in the 
sector, identifying assets where there is compelling 
commercial logic.
2. Monetise the Duyung PSC and address the 
Company’s capital structure
Coro has a 15% interest in the non-operated Duyung 
PSC, which contains the Mako gas ﬁeld, which is 
one of the largest gas ﬁelds to be discovered in 
the proliﬁc West Natuna basin, and its proximity to 
infrastructure and markets underpins Coro’s value. 
The Operator has just delivered a signed GSA and 
has initiated a farm out process which is expected 
to provide an opportunity for Coro to monetise and/
or fund its working interest. Proceeds from any 
monetisation of Duyung may potentially be used to 
provide the Company with the opportunity to repay 
or restructure its corporate debt.
Our Strategy

 Annual Report and Accounts for the year ended 31 December 2023 
9
Stock code: CORO
STRATEGIC REPORT
Our energy transition strategy is to move from black 
(oil, coal) to blue (gas) and then ultimately green 
(renewables). 
Our presence in the Philippines has exposed to us 
numerous potential projects in which we could 
invest. Not all projects presented to us are attractive 
investment propositions, however, several projects 
have met our preliminary criteria and may provide 
expansion potential to our project pipeline. Several 
such projects are now under assessment so their true 
value can be determined, and action plans formulated.
Our ﬁrst projects, namely our four 100 MW onshore 
Wind and Solar projects in the Philippines continue 
to provide ample comfort that our renewable 
projects are signiﬁcantly attractive, to the 
management, debt funders and investors. 
As we continue to develop the projects further, 
tangible value is attributed to each, as we secure 
access to land, local approvals, and permits.
Our strategy in Vietnam, while still renewables-led, 
is slightly different as we focus upon the commercial 
and industrial rooftop solar space, which is the only 
de-regulated section of the market and allows the 
ﬂexibility to originate deals in a controlled de-risked 
manner. Our pilot project has secured our position 
as an Independent Power Producer, giving us the 
kudos of being a known entity in the Vietnamese 
power generation market.
Vietnam Timeline
• 
 Joint development of rooftop solar through SPV 
(Coro 92.5%; Vinh Phuc Energy (“VPE”) 7.5% carried)
• 
 Power Purchase Agreement (“PPA”) signed 
with Mobile World Group for both the ﬁrst ten 
sites and a further 30 sites of a total potential 50 
megawatt deployment of roof top solar across 
900 locations 
• 
 HD Bank letter of commitment to provide debt 
ﬁnancing for 50% of the capital for the rooftop 
solar project with MWG
Strategic Rationale
• 
 Develop, build, own, operate now underway
• 
 Access to Vietnam rooftop Photovoltaic (PV) 
market
• 
 Leverage local expertise of established industry 
player
• 
Low-risk entry, quick revenue generation
Drivers of Rooftop Solar Growth
• 
Large electricity demand from manufacturing
• 
Attractive IRRs
• 
De-regulated market sector
• 
Energy security and continuity
Tax Incentives
• 
Preferential rates and tax holidays
• 
Import duty and VAT relief
Attractive PPAs
• 
100% “Take or pay” arrangements
• 
 Market price tracking, normally with guaranteed 
ﬂoor pricing
Acquisition Opportunities
The Vietnamese Commercial and Industrial (“C&I”) 
rooftop solar market is starting to consolidate, as 
local developers start to exit, typically inﬂuenced 
by recent increases in local interest rates and the 
resulting increase in the cost of debt. This trend 
provides an opportunity to acquire assets at 
discounted pricing, in comparison to new build, 
along with operational histrionics and known 
payment schedules, all go to provide a de-risked, 
proﬁtable and attractive acquisition case.
Philippines 
Our Philippines portfolio pipeline has grown during 
2023, our immediate focus remains our 100 MW 
solar project and the 3 x 100 MW onshore wind 
projects. All projects are strategically important to 
one another, as they are co-located geographically. 
To deliver on such a strategy requires a sensitive eye 
on mitigating risk, which can cause progress delay, 
but ensures investment is wisely spent and with 
lower risk.
Major elements of the project’s evolution are being 
progressed with key stakeholders in country and 
internationally. 
Additionally, engineers, procurement and 
contractors have been contacted, interviewed and 
assessed and a core of suitably resourced and skilled 
construction partners have been deﬁned, this will 
be critical in ensuring maximum value add to the 
projects from a technical perspective, securing 
production performance, build timeline, quality and 
engineering as well as best value for money.
The Company has been balancing its deployment of 
capital in the Philippines with its balance sheet and 
capital availability.
Building and Developing our Clean Energy Portfolio

10 
Coro Energy plc
www.coroenergyplc.com
Duyung PSC
Summary
• 
 Located in the proliﬁc West Natuna basin, 
Indonesia
• 
Operated by Conrad Asia Energy Ltd
• 
 Contains the Mako gas ﬁeld, a shallow gas 
accumulation covering a large areal extent
• 
 Six wells have been drilled on the ﬁeld including 
a two well programme in 2019 
• 
 Coro holds a 15% interest in the Duyung PSC in 
which the Mako Gas Project is located.
• 
 Plan of Development (“POD”) approved by the 
Indonesian Government
• 
 The Updated Mako PoD, approved in November 
2022, was based on ﬁeld Contingent gas 
Resources of 297 billion cubic feet (net 2C 
attributable to 100% of the Duyung PSC Joint 
Venture) and a daily production of 120 MMscf/d, 
consistent with the Gaffney Cline Associates 
(GCA) competent persons report dated 26 
August 2022. On 22nd March 2024 GCA issued 
an updated version of their report with ﬁeld 
Contingent gas Resources reduced to 252 
billion cibic feet (net 2C attributable to 100% 
of the Duyung PSC Joint Venture) and a daily 
production of 120 MMscf/d. 
• 
 Mako contains dry gas, no H2S, minimal CO2, 
over 97% methane
• 
 Importation of pipeline gas would provide secure 
and reliable energy to Singapore that is less 
carbon intensive than LNG. 
 
–   Operator recently delivered a signed GSA.
 
–   Operator has initiated a farm out process which 
is expected to provide an opportunity for Coro 
to monetise its position. 
• 
New CPR by GCA (22 March 2024) results:
 
–   36.6 Bcf net entitlement 2C resources to Coro 
during the PSC life
 
–   Plateau production of 120 MMscf/d for 6.5 years 
in the Best Case (2C) scenario
Operational Review
Duyung PSC – Gas Contingent Resources, GCA CPR (22 March 2024)
As of 31 Dec 2023
Gross Mako Field (Bscf)
Net attributable to Coro (Bscf)
1C
2C
3C
1C
2C
3C
Up to PSC expiry or ELT, whichever is the 
earlier
227
376
425
22.9
36.6
40.8
Beyond PSC expiry up to ELT
–
16
166
–
1.2
10.8
TOTAL Gas
227
392
591
22.9
37.8
51.6
The CPR estimates that the 88% of the Mako ﬁeld is within the PSC boundary.
The Operator CPR assumes ﬁrst gas in 2026 and calculates the last economic production years prior to the 
current Duyung PSC expiry date for Low, Best and High cases of 2033, 2036 and 2036 respectively, which 
extend to 2037 and 2041 for the Best and High respectively if the Duyung PSC is extended.

 Annual Report and Accounts for the year ended 31 December 2023 
11
Stock code: CORO
STRATEGIC REPORT
Italy
The Company disposed of its Italian natural gas 
assets to Zodiac Energy plc by way of the sale of the 
entire issued share capital of Coro Europe Limited 
(note 19(a) in the Notes to the Financial Statements), 
which was completed in November 2023. In June 
2024 the Company signed an agreement to 
accelerate the next nine months of payment in 
exchange for a 22 per cent discount on payments of 
circa US$46 per month. 
ion Ventures 
In August 2023, the Company sold its 18.76% 
shareholding in ion Ventures Holdings Ltd to SLT1 
LLC for a cash consideration of £1.25 million (note 
19(b) in the Notes to the Financial Statements).
Vietnam 
A 3 MW rooftop solar pilot project was completed 
in 2022 and continued to deliver revenue 
throughout 2023. The next material project is with 
the Mobile World Group, where a Memorandum 
of Understanding (MoU) was signed to deliver 
50 megawatts across 900 locations in Vietnam, 
negotiations of the PPA continued throughout the 
end of 2023 and a PPA covering the ﬁrst ten sites 
was signed in March 2024. The ambition is to deliver 
a 50 MW portfolio of commercial and industrial 
rooftop solar PV within a relatively short time 
frame, generating revenue streams and sustainable 
business that contributes value to the Group and 
shareholders.
As Vietnam’s energy strategy evolves with new 
Government initiatives that address generation 
capacity and climate change goals, our in-country 
position with boots on the ground allow us to 
monitor, assess, prepare and react to potential 
upcoming opportunities within the renewables 
sector. A key ﬁnding of 2023 was the ability to access 
the commercial sector, which supports higher 
electricity pricing in comparison to the Industrial 
sector, whilst having a different risk proﬁle, the 
commercial sector is thought to be able to deliver 
higher project IRR’s in the future.
Philippines
During 2022, the Marcos administration was 
entrusted with the presidency of the Philippines for 
a six-year term. With new ministerial appointments 
in key departments, such as that of Energy, the 
administration has strengthened the need for 
greater renewables generation in country, reducing 
dependency on fuel imports and addressing climate 
change matters that the country is vulnerable to. 
The Government of the Philippines continues to 
champion renewable energy and looks to enact 
legislation changes to make investment easier 
than ever before. The 2022 changes had impacts on 
2023, with key changes surrounding 100% foreign 
ownership of power generating companies coming 
into effect, however, these decisions made at top 
level Government have taken and continue to take 
time to ﬁlter through all Government Departments, 
providing challenges on timings to project 
permitting tasks. 
Our projects in the Philippines are driven by an 
experienced in-country team comprising of a board 
of three Filipino national Directors. The board is 
supported by a further team of three, fulﬁlling 
a range of roles across technical, ﬁnancial and 
administration. 
With the 100 MW wind project desktop studies 
completed, during 2021, it was planned during 
2022 to deploy a Lidar wind data collector to gain 
real evidence of the wind resource in our chosen 
location and prior to deploying a 130-metre Met 
Mast for bankable wind data collection. From the 
Lidar deployment in 2022, suitable conﬁdence 
was achieved from data collected to invest in the 
Met Mast. In mid-2023 a procurement exercise 
was completed and a contract awarded to a local 
provider in the Philippines, who began construction 
of the Met Mast in September which became 
operational in early January 2024. The Met Mast will 
provide bankable data to the project and has the 
potential to support neighbouring projects due to its 
designed siting and location. Coro believes this will 
add tremendous value to the project(s), as well as 
providing key information to determine engineering 
decisions that need to be made throughout 2024.
The Met Mast and Lidar working harmoniously will 
deliver robust data, needed for debt providers and 
provide risk mitigation for wind turbine design and 
performance.

12 
Coro Energy plc
www.coroenergyplc.com
Operational Review
continued
Next steps for our projects include: 
100 MW utility scale solar
• 
 Currently prioritising land access, PPA, energy 
service contracts, construction permits
100 MW utility scale onshore wind
• 
 Pre-development project approximately 12-18 
months from having enough service contracts to 
provide criotoical mass to take to the market for 
funding the next steps in its development

 Annual Report and Accounts for the year ended 31 December 2023 
13
Stock code: CORO
STRATEGIC REPORT
During 2023 Coro completed the disposal of 
its Italian operations and also sold its entire 
shareholding in ion Ventures which contributed 
signiﬁcantly to achieving a net proﬁt for the year 
of $1.7m. The Group continued to invest across 
its portfolio of projects including the Mako gas 
ﬁeld in Indonesia and wind and solar projects in 
the Philippines and Vietnam whilst continuing to 
focus on keeping general and administrative costs 
under control.
2023 Results
Revenue of $235,000 (2022: $51,000) during 2023 
reﬂects a full year of electricity generation at 
Coro’s ﬁrst solar project in Vietnam which after 
depreciation and amortisation contributed a 
gross proﬁt of $157,000 (2022: $30,000). Temporary 
curtailment challenges limited production in 2023 
as a consequence of not being able to export to the 
grid but Coro continues to make improvements and 
demand is once again increasing at the factory.
The overhead cost base decreased during 2023 
to $3.3m (2022: $3.6m) driven by modest but 
meaningful cost reductions across most cost 
categories, offset in part by an increase in non-cash 
share based payment expenditure of $108,000. 
The disposal of ion Ventures during 2023 yielded 
an accounting gain on disposal of $1.3 million and 
Coro’s share of the loss from ion Ventures was 
$30,000 lower than during the comparative period 
reﬂecting the disposal occurring partway though 
the year. As at the reporting date $347k of sales 
proceeds was still owing to Coro, which was received 
in April 2024. 
Coro entered into an the Option Agreement in 
2022 with Zodiac Energy plc (“Zodiac”) pursuant 
to which Zodiac had the option acquire the entire 
share capital of Coro Europe Limited (“CEL”) 
which in turn holds the interest in the 100% Italian 
subsidiary Apennine SpA and the various natural 
gas ﬁelds comprising Coro’s Italian operations. In 
accordance with IFRS 5 Non-current assets held for 
sale and discontinued operations, the assets and 
liabilities of the Italian business were classiﬁed as 
a disposal group held for sale at the 31 December 
2022. The Italian business represented a separate 
geographical area of operation for the Group 
so remained as a discontinued operation in the 
statement of comprehensive income in both the 
comparative period and the current period up until 
it was disposed. 
In March 2023 Coro announced that Zodiac had 
exercised the option and that a Sale and Purchase 
Agreement (“SPA”) was concluded. The SPA 
completed in November 2023 and from this date 
the discontinued Italian operations ceased to be 
consolidated as part of the Group. In return for 
receiving a portion of the sales proceeds amounting 
to €2.2 million in advance of completion, the SPA 
was amended during the year to comprise of total 
aggregate cash consideration of €5.86 million, 
inclusive of the €0.3 million option fee recognised 
as income in 2022, being a reduction of €140,000 
from the originally agreed consideration €6 million. 
The contingent 10% Net Proﬁts Interest (“NPI”) 
remained unchanged and capped at a maximum of 
€1.5m. In addition Zodiac is liable to pay a working 
capital adjustment to the Group for the net working 
capital as at the completion date, which was agreed 
between the parties in February 2024 to be €1m. As 
this conﬁrmed the quantum of a legal obligation 
that existed as at the reporting date Coro considered 
it as an adjusting event. Included therefore in trade 
and other receivables as at the reporting date is 
$1.25 million (€1.136 million) receivable from Zodiac 
for the working capital adjustment of €1 million 
and an agreed portion of deferred consideration of 
€136,000 which is payable to Coro between February 
2024 and December 2025. Resultantly $473,000 is 
classiﬁed as a non-current receivable. 
The accounting proﬁt realised on the disposal of 
the discontinued Italian operation is $6.5 million. 
Additionally, for that portion of 2023 during which 
the Italian operations remained consolidated, Coro 
recognised a proﬁt attributable to the discontinued 
Italian operations of $210,000 (2022: $2.6 million). 
The signiﬁcant reduction in proﬁt is mainly the 
result of a steep decline in Italian natural gas prices, 
in common with the global trend. In aggregate 
Coro recognised a total gain for the year from 
discontinued operations of $6.7m (2022: 2.6m). 
Proﬁt from both the disposal of ion Ventures and the 
discontinued Italian operations are expected to be 
exempt from taxation under the tax laws applicable 
to the transactions.
The interest charge on the Eurobond loan remained 
steady in 2023 at $3.5m (2022: $3.6m) The net foreign 
exchange gain for the year is $0.3m (2022: $1.3m 
loss).
Financial Review

14 
Coro Energy plc
www.coroenergyplc.com
The net effect of the above is that the 2023 loss 
before tax from continuing operations was $5.0m 
(2022: $8.2m) with the decrease being driven 
mainly by the gain on disposal of ion Ventures 
and the effect of changes in exchange rates and a 
revaluation of balance sheet items denominated 
in various currencies giving rise to net foreign 
exchange gains in 2023. 
Overall the 2023 proﬁt after tax from discontinued 
operations was $6.7m (2022: $2.6m).
The total proﬁt for the period was $1.7m (2022: $5.5m 
loss) with the proﬁt resulting from the successful 
disposals described above.
2023 Financial Position
Property, plant and equipment of $1.7m (2022: $1.9m) 
reﬂects the investment in the Company’s existing 
solar project in Vietnam. The reduction in value 
comprises mainly depreciation and foreign currency 
differences. 
Intangible assets comprise predominantly the 
Group’s exploration and evaluation asset relating 
to our 15% interest in the Duyung PSC. Intangible 
assets increased to $20.2m (2022: $18.9) reﬂecting 
mainly the Duyung venture’s capital expenditure 
for 2023.
Net debt increased by $2.2m from $28.0m to $30.2m 
(note 16 of the ﬁnancial statements). Borrowings 
increased by $3.1m, comprising of amortised 
Eurobond interest expense of $3.5m less non-cash 
interest payments of $1.4m and an unrealised 
foreign exchange loss of $1m. Cash increased 
by $0.9m. This increase reﬂects the net effect of 
receipts from the disposal of ion Ventures and the 
discontinued Italian operations and receipts from 
customers offset by payments to suppliers and 
employees and investment in Vietnam, Philippines 
and the Duyung PSC.
Net assets of the Italian business, treated as a 
disposal group held for sale, totalled $Nil at year-end 
due to the disposal during the year (2022: $267k). 
The Group ended the year with net liabilities of $7.1m 
(2022: $7.3m). 
Financial Review
continued

 Annual Report and Accounts for the year ended 31 December 2023 
15
Stock code: CORO
STRATEGIC REPORT
Our Approach To Risk Management
The Board of Directors recognises that an effective risk management framework is essential to safeguard 
the Group’s assets and enable it to meet its strategic objectives. The Board takes overall responsibility for 
identiﬁcation and mitigation of risks, while the Audit Committee has delegated responsibility for reviewing 
and monitoring the internal control and risk management systems on which the Group is reliant. In the 
Board’s judgement, the following principal risks represent the biggest threat to the ability of the Group to 
deliver on its strategy.
Risk
Description and Impact
Mitigation 
Status
Strategic risks
Availability 
of funding to 
continue as a 
going concern 
and Capital 
Structure
Coro’s asset portfolio does not yet 
generate the cash necessary to grow the 
business at a rate commensurate with 
its ambition and the Group will need 
to raise additional funds to implement 
its strategy. The Company also has a 
signiﬁcant debt liability. The ability of 
the Group to raise funds will depend on 
factors not wholly within the control of 
management, including general market 
sentiment, capital structure of the 
Company and attitudes toward small-
cap energy companies. As a result, there 
can be no assurance that the required 
funding will be available on favourable 
terms, if at all. Failure to raise required 
funds could have a material adverse 
effect on the Group’s business, operating 
results and ﬁnancial condition, and may 
result in erosion of value for investors, or 
in the extreme, an inability to continue as 
a going concern.
The Group’s strategic focus on 
growing its renewables businesses 
whilst supporting the operator 
of the Duyung PSC to achieve 
FID, which is aligned with the 
ongoing energy transition, 
partly mitigates the risk posed 
by negative sentiment towards 
the future prospects for the 
energy industry. Management 
also seeks to mitigate this risk 
through prudent management 
of costs and rigorous evaluation 
of investment opportunities to 
ensure these will be attractive to 
investors in the debt and capital 
markets. Ultimately, the Group is 
targeting self-sustaining cash ﬂow 
from its asset portfolio. 
Commodity 
prices
The Group is exposed to risks arising from 
ﬂuctuations in the demand for, and price 
of, electricity in Vietnam and Philippines 
and gas in Indonesia / Singapore. These 
prices depend on numerous factors 
over which the Group does not have 
any control, including global supply, 
international economic trends, currency 
exchange ﬂuctuations, inﬂation, 
consumption patterns and global or 
regional political events. 
This risk has increased as overall energy 
prices have reduced since the temporary 
highs experienced in 2022 and continued 
geopolitical instability could bring further 
volatility in the year ahead.
For assets in the production phase, 
the Group mitigates this risk 
through entering into ﬁxed price 
PPAs and gas sales agreements 
where commercially acceptable. 
Floor pricing is used wherever 
possible. 
The Group adopts a conservative 
price forecast to ensure capital 
is allocated to projects with 
robust economics, even in lower 
commodity price environments. 
Managing Risk

16 
Coro Energy plc
www.coroenergyplc.com
Risk
Description and Impact
Mitigation 
Status
Operational risks
Oil and gas 
exploration 
and 
production 
risks
Coro has a non-operated interest in 
the Duyung PSC, Coro is exposed to a 
wide variety of risks, including failure to 
locate hydrocarbons, changes to reserve 
estimates or production volumes, variable 
quality of hydrocarbons, weather impacts, 
facility malfunctions, lack of access to 
appropriate skills or equipment and cost 
overruns. Failure to effectively manage 
these risks could lead to decreased cash 
generation, lower proﬁtability and a 
deterioration in the ﬁnancial position of 
the Group. 
The Group has extensive 
experience in the sector and 
has the right mix of technical, 
ﬁnancial and operational skills 
necessary to successfully develop 
and produce oil and gas safely and 
economically. In non-operated 
joint ventures such as Duyung, 
the Group seeks to be an active 
participant in the key activities of 
the venture, to the extent possible 
under joint operating agreements.
Health, 
safety and 
environmental 
matters 
(“HSE”)
The Group now operates a rooftop solar 
portfolio in Vietnam and is progressing 
the development of wind and solar 
assets in the Philippines. Work on our 
renewables projects is often conducted 
at height, with heavy machinery and 
equipment and we have focussed on 
understanding, and effectively mitigating 
operational risks related to these 
operations. Our experience of conducting 
safe operations and being a responsible 
custodian of the environment in which 
we operate is grounded in the principles 
and practices developed from historically 
being a gas concession operator in Italy. 
The same ethics and rigorous operational 
HSE practices are also applied across our 
renewables business. Key leading and 
lagging HSE indicators are monitored 
and recorded by the local teams with 
oversight by the Managing Director, 
Renewables. During 2023 operational and 
maintenance activities were monitored 
and practices scrutinised ensuring that 
there was no lost time and no accidents 
occurred. 
With an increase in activity in Vietnam 
planned for 2024 a full time HSE resource 
is planned to be recruited to support the 
business and implement responsible and 
safe working practices.
The Group operates its renewables 
business through a focus on 
responsible operation, ensuring 
close adherence to all regulatory 
standards in respect of Health, 
Safety and Environment matters. 
This includes regular inspection 
and maintenance of all our 
facilities. Where we are not the 
operator of a venture, we seek to 
take an active role in joint venture 
management and operating 
committees, and work with the 
operators to foster a culture of 
responsible asset stewardship. Our 
renewed sustainability strategy 
that will be approved at board level 
aligns us with relevant Sustainable 
Development goals to ensure that 
this stewardship is achieved. 
Managing Risk
continued

 Annual Report and Accounts for the year ended 31 December 2023 
17
Stock code: CORO
STRATEGIC REPORT
Risk
Description and Impact
Mitigation 
Status
HSE
Development and production of oil 
and gas involves risks that may impact 
the health and safety of personnel, 
the community and the environment. 
Industry-wide operating risks include 
ﬁre, explosions, blow outs, pipe failures, 
abnormally pressured formations and 
environmental hazards such as accidental 
spills or leakage of petroleum liquids, 
gas leaks, ruptures, or discharge of toxic 
gases. Failure to manage these risks could 
result in injury or loss of life, damage or 
destruction of property, and damage 
to the environment. Losses or liabilities 
arising from such incidents could 
signiﬁcantly impact the Group’s ﬁnancial 
results. Pursuant to the disposal of our 
Italian business the risks associated with 
being an operator have decreased. 
Changes 
to law, 
regulations or 
government 
policy, political 
and emerging 
market risk
Changes in law, regulations and/or 
government policy may adversely affect 
Coro’s business. Examples include 
changes to land access, the introduction 
of legislation that restricts or inhibits 
exploration, development and production 
of hydrocarbons, and unexpected 
changes to subsidy regimes for low-
carbon energy assets. Similarly, changes 
to direct or indirect tax legislation may 
have an adverse impact on the Group’s 
proﬁtability, net assets and cash ﬂow. 
Further, the Group has expanded its 
footprint in South East Asia where 
countries generally exhibit emerging 
market characteristics such as less 
established ﬁscal and monetary controls, 
laws, policies and regulatory processes. 
The Group is exposed to the resultant risk 
of being adversely affected by possible 
political or economic instability in its 
countries of operation including, inter 
alia, security risks, expropriation of assets, 
changes in mining or investment policies, 
inconsistent interpretation of laws and 
regulations including tax law, extreme 
ﬂuctuations in currency exchange 
rates and high rates of inﬂation. All of 
these factors could materially adversely 
affect the Group’s business, results 
of operations, ﬁnancial condition or 
prospects. Once again, political instability 
and threat of whole regime changes has 
increased this risk.
To mitigate these risks, the Group 
employs staff and professional 
advisers with experience operating 
in all the Group’s key territories and 
continuously monitors political, 
legal and economic developments 
in all its geographies. Active 
dialogue is maintained with 
local regulatory authorities in the 
Group’s areas of operation.

18 
Coro Energy plc
www.coroenergyplc.com
Risk
Description and Impact
Mitigation 
Status
Alignment 
with joint 
venture 
partners 
Development of energy assets is 
commonly undertaken with partners to 
spread risk and reduce upfront capital 
commitments for each party. Coro is 
currently party to a Joint Operating 
Agreement on the Duyung PSC, a Joint 
Venture partnership with VPE in Vietnam 
for the development of a rooftop solar 
portfolio and a partnership in Philippines. 
While these agreements are designed 
to establish the rights and obligations 
of all parties, and clarify governance 
arrangements for investees, there is a risk 
that the priorities of our partners will not 
be aligned with our own. This could lead 
to conﬂict between partners and delays 
in development of projects, resulting in 
variability in the Group’s forecast cash 
ﬂows and proﬁtability. There are also 
risks associated with the continuing 
ability of partners to fund their share of 
expenditures where this is applicable, as 
it is on the Duyung venture. Our partners 
are facing similar funding challenges; 
hence we feel this risk has increased.
The Group seeks to mitigate this 
risk through appropriate diligence 
on potential partners prior to 
investing in a venture, as well 
as through active participation 
in the key decisions of each 
project to the extent permitted 
by joint operating/shareholder 
agreements. 
Dependence 
on key 
personnel 
The future performance of the Group 
will, to a signiﬁcant extent, be dependent 
on its ability to retain the services and 
personal connections or contacts of key 
personnel and to attract, recruit, motivate 
and retain other suitably skilled, qualiﬁed 
and industry experienced candidates to 
form a high-calibre management team. 
Such key personnel are expected to play 
an important role in the development 
and growth of the Group, in particular by 
maintaining good business relationships 
with regulatory and governmental 
departments and essential partners, 
contractors and suppliers. The loss of the 
services of any key personnel may have a 
material adverse effect on the business, 
operations, relationships and/or prospects 
of the Group. 
The Group seeks to mitigate 
this risk through structuring 
appropriate incentive packages 
for key executives and staff, as 
well as providing a challenging 
and enjoyable work environment. 
The Group’s key initiatives are also 
managed internally by teams, 
which mitigates the risk posed by 
the loss of any key management 
personnel. 
Managing Risk
continued

 Annual Report and Accounts for the year ended 31 December 2023 
19
Stock code: CORO
STRATEGIC REPORT
Coro initiatives to incorporate Environmental, 
Social, and Governance (“ESG”) criteria into our 
operating framework reﬂect our commitment to 
our shareholders, partners, employees, and the 
communities in which we operate. 
As Coro progresses towards realising our vision 
of building a mid-tier South East Asian energy 
company that supports the regional transition to 
a low carbon economy, we will work to ensure ESG 
is rooted in our systems, processes and decision-
making so it is a fundamental part of how we do 
business. This will be a long-term, continuous 
process of aligning our operations and controls with 
our values as a company. 
Transparency and honesty to our stakeholders will 
remain at the centre of our ESG journey. We are 
currently implementing comprehensive policies and 
management systems to govern our operations and 
decision-making across our business. 
Progress on our ESG Journey
During 2023 registration of our Vietnam pilot project 
into the I-REC carbon scheme was commenced. This 
is a gold standard carbon emission saving scheme 
that issues carbon credit certiﬁcates that in the 
future will be tradeable and hold value for Coro and 
its client base.
Our ESG Intentions
We believe the Environmental, Social and 
Governance facets of ESG are intricately connected 
and cannot be addressed in isolation. We strive to 
conduct our business in a holistic way that ensures 
each of these elements are considered with the 
objectives of minimising harm and maximising 
beneﬁts to the Company, the environment and all 
our stakeholders.
Our core areas of focus for the next two years are:
• 
 Efﬁcient design, installation and operation of 
our wind and solar renewable energy projects 
in Vietnam and Philippines that has minimal 
negative impact on the local environment and 
communities
• 
 Contribute to the long-term economic beneﬁt of 
local communities by supporting local content 
and diversity and building local skills capacity
• 
 Be a partner of choice for our employees and 
communities through delivering consistent, 
top quartile safety performance and supporting 
health and education in the communities in 
which we work
• 
 Conduct our business with the highest degree 
of ethics and integrity by demonstrating 
management commitment to strong and 
transparent ESG performance with zero tolerance 
of bribery and corruption
• 
 Build positive stakeholder relationships for the 
long term
Committed to a Journey of 
Continuous Improvement
The Management and Board of Coro is committed 
to this journey of continuous improvement and 
transparency, reporting its performance and 
demonstrating to Coro’s stakeholders it is a 
responsible energy partner to support South East 
Asia in their transition to a low carbon economy.
ESG Statement of Intent

20 
Coro Energy plc
www.coroenergyplc.com
ESG
At Coro, we are conscious that while our strategy 
is focused on the energy transition, our assets still 
give us exposure to gas. However, as coal supply 
(the dominant energy source in South East Asia) 
becomes disrupted with Indonesia stopping exports, 
it is clear the need for gas which is 50% less carbon 
intensive than coal is still apparent and increasing.
While we ﬁne tune our ESG strategy, the core 
principles as below remain in force across our 
operations.
Environment 
We respect the environment in which we operate 
and pledge to act with consideration and minimal 
impact on the natural world. We do business under 
all appropriate international and local environmental 
regulations. As we expand and develop our 
operations in South East Asia, sensitivity around site 
selection both in the development stage and, as our 
assets reach ﬁnal stage, sensitive restoration is key 
for Coro.
Social 
We treat our employees, partners and in country 
hosts fairly and with respect. We encourage diversity 
and social change for good and have been involved 
in several projects in Italy over recent years, including 
assisting with building a school in the local area. As 
we expand on our operations, our relationships with 
local communities in which we operate within South 
East Asia will be a priority.
Governance
As a listed entity, we follow the Quoted Companies 
Alliance Corporate Governance Code 2018 (“QCA 
Code”), as well as the regulations and best practice 
guidance given by AIM and the FCA. Our Board 
meets regularly to opine on key strategic decisions 
and our Company Secretary records all meetings 
and (together with our Nominated Adviser) assists 
with guiding us and advising us on all governance 
related matters.
HSE/Technical Matters
The HSE/Technical matters are addressed directly by 
the Board during Board meetings. 
Paramount to Coro’s ability to pursue its strategic 
priorities is a safe workplace and a culture of 
“safety ﬁrst”. The Company regards environmental 
awareness and sustainability as key strengths in 
planning and carrying out business activities. 
Coro’s daily operations are conducted in a way 
that adheres to these principles and Management 
is committed to their continuous improvement. 
While growing from exploration roots, the Company 
has strived to continually improve underlying 
safety performance. The Company has adopted 
a Health, Safety and Environment Management 
System, which provides for a series of procedures 
and routine checks (including periodical audits) 
to ensure compliance with all legal and regulatory 
requirements and best practices in this area. 
In 2023, Coro maintained its outstanding 
occupational health, safety and environmental track 
record. During 2023, the total man-hours amounted 
to 14,306 (2022: 31,672) with zero Lost Time Injury 
(“LTIs”) recorded (2022: nil).
The 2023 HSE Report is provided on page 30. 

 Annual Report and Accounts for the year ended 31 December 2023 
21
Stock code: CORO
STRATEGIC REPORT
Section 172 (1) of the Companies Act 2006 obliges the 
Directors to promote the success of the Company for 
the beneﬁt of the Company’s members as a whole. 
This section speciﬁes that the Directors must act 
in good faith when promoting the success of the 
Company and in doing so have regard (amongst 
other things) to: 
a.  the likely consequences of any decision in the 
long term; 
b. the interests of the Company’s employees;
c.  the need to foster the Company’s business 
relationship with suppliers, customers and others;
d.  the impact of the Company’s operations on the 
community and environment;
e.  the desirability of the Company maintaining 
a reputation for high standards of business 
conduct; and
f.  the need to act fairly as between members of 
the Company.
The Board of Directors is collectively responsible 
for formulating and delivering on the Company’s 
strategy. 
Some of the key decisions taken by the Board in 
2023, which we believe served to promote the 
success of the Company for the beneﬁt of all 
stakeholders, included: 
• 
 Development of renewable projects within 
South East Asia including 100 MW solar and the 
three 100 MW wind projects in the Philippines. 
In Vietnam, the Company has signed a binding 
14-year PPA with Mobile World Group to deliver 
power at ten sites as a pilot phase with a capacity 
of 430kw. 
• 
 The Company completed the disposal of its 
Italian natural gas portfolio to Zodiac Energy 
plc. The total maximum consideration of 
the sale.including the NPI but excluding the 
working capital adjustment, was Euro 7.4 million 
($8 million).
• 
 The Company sold its 18.76% shareholding in 
ion Ventures Holdings Ltd to SLT1 LLC for a cash 
consideration of £1.25 million ($1.6 million). 
• 
 The operator of the Duyung PSC, Conrad, signed 
a non-binding Term Sheet with Sembcorp Gas 
Pte. Ltd. for a long-term gas sales agreement for 
the Mako gas ﬁeld, which was endorsed by the 
Indonesian petroleum upstream regulator. The 
gas price and volume allocation for the Mako 
ﬁeld was approved by the Indonesian Minister 
of Energy and Natural Resources, permitting 
Conrad to ﬁnalise fully termed Gas Sales 
Agreements. The Mako project will contribute to 
Indonesia's target of doubling gas production 
by 2030.
• 
 Broadening of our South East Asian energy 
strategy: The Directors continue to strongly 
believe in the potential of South East Asian 
energy markets, where primary energy demand 
is forecast to continue increasing and where 
coal remains the primary source of electricity 
generation. The expected reduction in coal’s 
share of the energy mix in these growth 
markets, to be replaced by gas and cleaner 
renewable sources, remains a key driver of the 
Company’s strategy. 
Our operations in Vietnam are always on rooftops, 
due to the current opportunities within the local 
legislation, which means our impact upon local 
communities is minimal and unobtrusive. In relation 
to the environment we are servicing electricity 
demand using clean technology that has zero 
carbon emissions, replacing grid supplied power 
that is typically generated from fossil fuels. 
The Philippines is ground mounted utility scale 
projects that require signiﬁcant land banks for 
hosting our facilities, at every stage we consult 
locally with communities and report to local and 
national Government departments, to inform and 
also to be aware of all environmental factors, if 
land areas are of particular sensitivity, alternative 
locations are sought, the areas that have been 
chosen, will be subject to Environmental Impact 
Assessments that are independently conducted 
and provide recommendations for minimising 
impact through construction and lifetime. All sites 
are treated sympathetically and in harmony with 
government guidance, which usually involves 
habitat regeneration post construction through the 
planting of trees and vegetation.
Directors’ Statement under s.172(1) CA 2006

22 
Coro Energy plc
www.coroenergyplc.com
Through our activities and increasing proﬁles, 
suppliers and potential customers have engaged 
with Coro and formed relationships. This has 
allowed Coro to access manufacturers expertise 
in engineering and the advances made through 
their research and development programmes. 
Key partnerships are being formed that will value 
engineer projects and provide best value for money 
solutions enhancing project IRR’s, delivering 
maximum shareholder value.
The Board places equal importance on all 
shareholders and strives for transparent and 
effective external communications, within the 
regulatory conﬁnes of an AIM-listed company. 
The primary communication tool for regulatory 
matters and matters of material substance is 
through the Regulatory News Service (“RNS”). The 
Company’s website is also updated regularly, and 
provides further details on the business, as well as 
links to helpful content such as our latest investor 
presentations. We also hold investor events, which 
are open to all shareholders and provide a means 
through our website for investors to communicate 
any questions or concerns to the Company. 
Throughout 2023, we held Q&A sessions for investors, 
with presentations and detailed updates given 
on Coro’s strategy to shareholders and potential 
new investors. 
Our employees are one of the primary assets of 
our business and are critical to the future success 
of the Company. First and foremost, the Directors 
strive to ensure a safe working environment for 
all staff and contractors, and we are proud of our 
safety achievements in 2023. We also seek to reward 
employees with remuneration packages, which align 
the interests of the Company and its shareholders 
with those of employees. We believe we have 
achieved this through the award of share options, 
which values medium to long-term performance 
over short term achievements. Employees are 
also provided with challenging work and external 
training opportunities to ensure their continual 
development. 
Conclusion
The Directors believe they have acted the way they 
consider most likely to promote the success of the 
Company for the beneﬁt of its members as a whole, 
as required by Section 172 (1) of the Companies Act 
2006. 
This Strategic Report was approved by the Board on 
9 September 2024 and signed on its behalf by:
TOM RICHARDSON 
Non-Executive Director
Directors’ Statement under s.172(1) CA 2006
continued

 Annual Report and Accounts for the year ended 31 December 2023 
23
Stock code: CORO
GOVERNANCE REPORT
The Board of Coro ensure that the Company 
embraces the highest standards of corporate 
governance and manages the Board in the best 
interests of our many stakeholders. The Board 
believes that practising solid corporate governance 
is essential for building a successful and sustainable 
business, and our commitment to good corporate 
governance has allowed us to build a healthy 
corporate culture throughout the organisation. 
The Company adopts the Quoted Companies 
Alliance Corporate Governance Code (2018) (the 
“QCA Code”), which it still believes to be the most 
appropriate governance code for Coro. We report our 
compliance with the QCA Code on the Company’s 
website and in this Annual Report. In November 
2023, the Quoted Companies Alliance published the 
latest version of its corporate governance code (the 
“2023 QCA Code”), which will apply to ﬁnancial years 
beginning on or after 1 April 2024. The Company will 
be taking steps to look at its compliance with the 
2023 QCA Code during the course of 2024. 
In March 2023, the intended appointment of 
Naheed Memon was announced and Mark Hood 
agreed to step down as a Non-Executive Director of 
the Company to ensure the Company maintained 
a balanced and cost effective Board. Naheed 
Memon was appointed as an Independent Non-
Executive Director in April 2023. Tom Richardson 
was appointed as an Independent Non-Executive 
Director in July 2023. In February 2024, with a view 
to transitioning to a structure more appropriate for 
the Group's current stage of development and focus, 
Stephen Birrell and Naheed Menon, both agreed to 
step down as Directors by mutual consent. Marco 
Fumagalli also retired from the Board in April 2024 
at the Company’s AGM, following seven years as a 
Non-Executive Director.
At the Company’s AGM held on 24 April 2024 both 
myself and James Parsons stood for re-election 
as required under the Company’s Articles of 
Association. The voting at the AGM was carried out 
by way of a poll to ensure that each shareholder 
voting was able to vote in proportion to their 
shareholding. The resolution to appoint Mr Parsons 
failed and as a result the Company was suspended 
from trading for a period of time whilst a new 
director was appointed to the Board. On 2 July 
2024 Harry Beamish was appointed to the Board 
as a Non-Executive Director and on publication 
of the annual reports and accounts I will take the 
position as Non-Executive Chair of the Company.  
Additionally, with the publication of these ﬁnancial 
results it is expected that the suspension will be 
lifted and that the Company will be able to resume 
trading. I and my fellow Board member are currently 
working to ensure that the Company can continue 
to build its business as planned and work with 
Lenders to restructure the Eurbond for the beneﬁt of 
all stakeholders. 
The Company is developing its growth strategy of 
developing low carbon energy investments in South 
East Asia, together with looking to monetise and / 
or fund its existing interest in the Duyung PSC. The 
Company is committed to responsible and ethical 
business practices when we make any business 
decisions, at both Board and operational levels. 
This is particularly important to us as an acquisitive 
business, and our culture is something that we 
maintain and closely monitor.
The importance of engaging with our shareholders 
continues, and the Board strives to ensure that there 
are numerous opportunities for investors to engage 
with both the Board and Executive team.
TOM RICHARDSON 
Non-Executive Director
QCA Code – Application, Principles 
and Disclosure Requirements
The Board of Directors of the Company recognises 
the importance of corporate governance and 
applies the QCA Code, which we believe is the 
most appropriate governance code for a company 
of our size with shares admitted to trading on 
the Alternative Investment Market (“AIM”) of the 
London Stock Exchange. The QCA Code provides 
the Company with the framework to help ensure 
that a strong level of governance is maintained, 
enabling the Company to embed the governance 
culture that exists within the organisation as part of 
building a successful and sustainable business for all 
its stakeholders.
The QCA Code has ten principles of corporate 
governance that the Company has committed to 
apply within the foundations of the business, as 
summarised below. Further disclosures regarding 
the Company’s application of the QCA Code can be 
found on the Company’s website.
Corporate Governance Statement

24 
Coro Energy plc
www.coroenergyplc.com
Principles
Coro Response
Establish a strategy and business 
model that promotes long-term 
value for shareholders
The Group’s strategy and business model are outlined on pages  
7 to 8.
Seek to understand and meet 
shareholder needs and expectations
The Group seeks to engage with shareholders regularly through 
its Regulatory News Flow, periodic online Question and Answer 
forums and preparation of investor presentations, which are updated 
quarterly and available on the Group’s website, and at in person 
General Meetings. 
Take into account wider stakeholder 
and social responsibilities and their 
implications for long-term success
The Group seeks to be a responsible corporate citizen in all its 
territories of operation and has an “open door” policy internally where 
employees can raise opinions and concerns to management. We 
are committed to operating our business according to the highest 
international safety and environmental standards. We strive to deliver 
lasting beneﬁt to the communities and environments where we 
work as well as our shareholders, contractors and employees.
Embed effective risk management, 
considering both opportunities 
and threats, throughout the 
organisation
The Group has an effective risk management framework, which is 
subject to oversight by the Audit Committee. See further details on 
pages 15 to 18.
Maintain the Board as a well-
functioning balanced team led by 
the Chair
The current composition of the Board altered following the 2024 
AGM.  The Company intends to address the Board composition 
further and for a Chair to be appointed on publication of the annual 
reports and accounts. Refer to further discussion of the Board 
structure, composition and processes on pages 26 to 29.
Ensure that between them the 
Directors have the necessary 
up-to-date experience, skills and 
capabilities
The complementary skills and experience of our Board and 
management team are included on page 25.
Evaluate Board performance based 
on clear and relevant objectives, 
seeking continuous improvement
Refer to a discussion of Board evaluation on page 27.
Promote a corporate culture that 
is based on ethical values and 
behaviours
The Group’s employees are bound by a Code of Conduct, which sets 
forth the standards expected by the Company. This includes a zero-
tolerance approach to bribery and corruption, and a commitment 
on the part of all employees to a high level of honesty, care, fair 
dealing and integrity in the conduct of Coro’s business activities. 
A Whistleblowing Policy is in place to provide a framework for 
employees to call out unethical or illegal behaviour. 
Maintain governance structures and 
processes that are ﬁt for purpose 
and support good decision-making 
by the Board
Refer to further discussion of the Group’s governance structures, 
including matters reserved for the Board, on page 26.
Communicate how the Company 
is governed and is performing 
by maintaining a dialogue with 
shareholders and other relevant 
stakeholders
The Group’s ﬁnancial and operational performance are summarised 
in the Annual Report and the Interim Report, with regular updates 
provided to stakeholders in other forums through the year, including 
press releases, investor events and regular updates to the Group’s 
website. 
Corporate Governance Statement
continued

 Annual Report and Accounts for the year ended 31 December 2023 
25
Stock code: CORO
GOVERNANCE REPORT
TOM RICHARDSON
Independent Non-Executive Director
(Appointed to the Board on 20 July 2023.)
Tom is an experienced Director of listed companies. 
He is currently Chairman of Fenikso Limited and 
an independent director of Canadian Overseas 
Petroleum Limited. In addition, Tom was an 
Executive Director of Nostrum Oil & Gas Plc a UK 
FTSE 250 premium listed company. Prior to working 
in Oil & Gas Tom has worked for ING, JP Morgan and 
NM Rothschild covering investment banking, capital 
markets and credit. Tom has a B.Sc in Economics & 
Politics from the University of Bristol.
HARRY BEAMISH
Independent Non-Executive Director
(Appointed to the Board on 2 July 2024.)
Harry has signiﬁcant expertise in the energy and 
renewables sectors with over a decade specialising 
in emerging markets. Harry has developed, 
advised and structured multiple renewable energy 
transactions across Hydro, Solar, Wind, and Energy 
Efﬁciency and advises companies within the Energy 
Transition space.
Harry is the co-founder and Partner of Becquerel 
Capital, the development and structuring boutique 
focused on sustainable power infrastructure, with 
signiﬁcant experience in Emerging Markets.  He 
holds a master's degree in International Business 
and Finance from ESCP-EAP European School of 
Management.
JAMES PARSONS 
Executive Chair
(Appointed to the Board on 12 December 2017 until 
24 April 2024).
MARCO FUMAGALLI 
Non-Executive Director
(Appointed to the Board on 12 December 2017 until 
24 April 2024).
STEPHEN BIRRELL  
Independent Non-Executive Director
(Appointed to the Board on 25 March 2022 until  
16 February 2024.
NAHEED MEMON  
Independent Non-Executive Director
(Appointed to the Board on 14 April 2023 until  
16 February 2024.)
MARK HOOD 
Non-Executive Director
(Appointed to the Board on 17 March 2021 until 
24 March 2023.)
Management
MICHAEL CARRINGTON 
Managing Director Renewables
JAMES PARSONS 
Managing Director
Board of Directors 

26 
Coro Energy plc
www.coroenergyplc.com
Role of the Board
The Group continued to evolve in 2023 and develop 
the business in South East Asia. It is critical that the 
Group’s governance and control structure is robust, 
clearly deﬁned and communicated. The Board of 
Directors is responsible for the overall management 
and performance of the Group and operates within 
a framework of prudent and effective controls, 
which enables risk to be assessed and managed. It 
is also collectively responsible for the success of the 
Group and operates within a framework of reserved 
matters, delegations and assurance.
Governance Structure
In 2023, there were changes to the Board.  In 
March 2023, the intended appointment of Naheed 
Memon was announced and Mark Hood agreed 
to step down as a Non-Executive Director of the 
Company. Naheed Memon was appointed as an 
Independent Non-Executive Director in April 2023.  
Tom Richardson was appointed as an Independent 
Non- Executive Director in July 2023. In Feburary 
2024, with a view to transitioning to a structure 
more appropriate for the Group's current stage of 
development and focus, Stephen Birrell and Naheed 
Menon, both agreed to step down as Directors by 
mutual consent. Marco Fumagalli also retired from 
the Board in April 2024  at the Company’s AGM, 
following seven years as a Non-Executive Director. 
Tom Richardson and James Parsons both stood for 
re-election at the 2024 AGM as per the requirements 
of the Company’s Articles of Association. Mr Parsons 
was not re-elected and stepped down as a director 
following th AGM on 24 April 2024. As a result the 
Company’s stock was suspended until such time 
that an additional director joined the Board. On 
2 July 2024 Harry Beamish was appointed to the 
Board and with the publication of these ﬁnancial 
results it is expected that the suspension will 
be  lifted and the Company can resume trading.  
Additionally, on publication of the annual reports 
and accounts, Tom Richardson is to be appointed as 
Non-Executive Chair of the Company. 
Currently, the Board comprises of Tom Richardson, 
Non-Executive Director and Harry Beamish, Non-
Executive Director. 
Michael Carrington joined the Company in March 
2021 as Chief Operating Ofﬁcer. Michael co-founded 
Global Energy Partnership Ltd and has over 30 
years’ experience of energy efﬁciency and clean tech 
generation in the built environment. 
Matters Reserved for the Board
The Board retains full and effective control over 
the Group and is responsible for the Group’s 
strategy and key ﬁnancial and compliance issues. 
There are certain matters that are reserved for the 
Board, which are reviewed on an annual basis, and 
they include:
• 
 Strategy and management 
approval of strategic aims and objectives; 
approval of the Group’s annual operating and 
capital expenditure budgets and changes; 
decision to cease to operate all or any material 
part of the Group’s business; 
• 
 Structure and capital  
major changes to the Group’s corporate 
structure; any change to the Company’s listing; 
• 
 Financial reporting and controls 
approval of ﬁnancial results; annual reports and 
accounts; dividend policy and declaration of 
any dividend; signiﬁcant changes in accounting 
policies/practice; and treasury policies; 
• 
 Internal controls  
ensuring maintenance of a sound system of 
internal control and management; 
• 
 Contracts  
major capital contracts; contracts that are 
material or strategic; and major investments or 
any acquisitions/disposals; 
• 
 Communications 
approval or resolutions and documentation put 
forward to shareholders; 
• 
Board membership and other appointments 
• 
 Remuneration 
determining the remuneration policy for 
Directors, senior Executives and Non-Executive 
Directors; introduction of new share incentive 
plans; and changes to existing plans; 
• 
 Corporate governance matters  
review of the Group’s overall corporate 
governance arrangements; 
• 
 Policies  
approval of Group policies, including the share 
dealing code; 
• 
 Other  
litigation involving £5m and over or otherwise 
material to the Group; approval of the 
appointment of professional advisers; and 
approval of overall levels of insurance for 
the Group. 
Corporate Governance Framework

 Annual Report and Accounts for the year ended 31 December 2023 
27
Stock code: CORO
GOVERNANCE REPORT
Board Meeting Attendance
Year ended 31 December 2023
Board
(scheduled) 
Board
(ad hoc1) 
Audit 
Committee
Remuneration 
Committee
HSE 
Committee
Nominations 
Committee
Number of meetings held
5
10
3
4
5
1
James Parsons
5
10
–
–
–
–
Marco Fumagalli 
5
10
3
4
1
Naheed Memon²
3
4
–
–
–
–
Stephen Birrell
5
10
3
4
5
1
Mark Hood3
1
3
–
–
–
–
Tom Richardson4 
 
2
3
–
–
–
–
1. 
Ad hoc meetings are called for speciﬁc matters, generally of a more administrative nature not requiring full Board attendance.
2. 
Appointed on 14 April 2023 
3. 
Resigned on 24 March 2023
4. 
Appointed on 20 July 2023
Board Evaluation
The Directors consider seriously the effectiveness 
of the Board, its Committees and individual 
performance.
The Board generally meets formally ﬁve times a 
year with ad hoc Board meetings as the business 
demands. There is a regular ﬂow of communication 
between the Directors and the Management team. 
Board meeting agendas are set in consultation 
with the Management team, with consideration 
being given to both standing agenda items and 
the strategic and operational needs of the business. 
Comprehensive Board papers are circulated well in 
advance of meetings, giving Directors ample time to 
review the documentation and enabling an effective 
meeting. 
Resulting actions are tracked for appropriate delivery 
and follow up. The Directors have a broad knowledge 
of the business and understand their responsibilities 
as Directors of a UK company quoted on AIM. 
The Company’s Nomad provides annual Boardroom 
training as well as initial training as part of a 
Director’s onboarding. The Company Secretary, 
assisted by the Group’s solicitors, helps keep the 
Board up-to-date with developments in corporate 
governance and liaise with the Nomad on areas 
of AIM requirements. The Company Secretary has 
frequent communication with both the Directors 
and Management team and is available to other 
members of the Board as required. 
The Directors also have access to the Company’s 
auditors and lawyers as and when required, and 
the Directors are able, at the Company’s expense, 
to obtain advice from other external advisers 
if required. 
The Board recognises that, in order to meet the 
requirements of the QCA Code, a Board effectiveness 
process needs to be considered in the short to 
medium term. To date, a formal Board effectiveness 
review has not been undertaken given recent Board 
changes; however, a formal review will be arranged 
as and when considered appropriate. The Directors 
are committed to ensuring the ongoing efﬁcient 
functioning of the Board to ensure it is meeting 
its objectives. 
Board Committees
The Board has formed four committees: the Audit Committee, the HSE/Technical Committee, the 
Nominations Committee and the Remuneration Committee, with delegated responsibility to monitor their 
respective areas and to report back to the full Board. The Committees operate under clearly deﬁned terms 
of reference, which are kept under review, to ensure proper functioning of the Committees and effective 
application of best practice. The Directors appointed to each Committee are outlined below, with the HSE/
Technical Committee supported by additional employees with the appropriate skills and experience during 
the year.

28 
Coro Energy plc
www.coroenergyplc.com
Auditor Rotation
The Company’s policy is to undertake an audit 
tender at least every ten years and to change 
auditors at least every 20 years. The incumbent 
auditor, PKF Littlejohn LLP, has been the Company’s 
auditor since its ﬁrst ﬁnancial period, which ended 
31 December 2017, meaning this is their seveth 
year as the Company’s auditors. The audit of the 
2021 ﬁnancial statements was the ﬁnal year for the 
audit partner, Joseph Archer was replaced with 
Daniel Hutson, given the requirement to change 
audit partner every ﬁve years. During the 2023 
audit, Daniel Hutson stepped down as the audit 
partner and was replaced with Imogen Massey. The 
Company does not have any plans to retender the 
audit in the next 12 months. 
Board Reports
Audit Committee
The Audit Committee comprises Harry Beamish 
(Chair) and Tom Richardson. Marco Fumagalli 
served as Chair until he retired from the Board on 
24 April 2024. 
Scope and responsibilities:
The Audit Committee is mainly responsible for the 
oversight of ﬁnancial reporting in accordance with 
regulatory and statutory requirements, and for 
the review and monitoring of the Group’s internal 
ﬁnancial control and risk management systems. The 
Committee meets a minimum of twice a year. 
2023 activities: 
• 
 Reviewed the 2022 audit plan and approved 
auditor’s remuneration.
• 
 Reviewed and approved the Group’s 2022 Annual 
Report and 2023 Interim Report.
• 
 Reviewed the independence and competence 
of the Group’s auditor, PKF Littlejohn LLP (“PKF”) 
and recommended their reappointment.
• 
 Considered the going concern position of the 
Group.
• 
Reviewed the Group’s risk register.
Remuneration Committee
The Remuneration Committee comprises Non-
Executive Directors Tom Richardson (Chair), and 
Harry Beamish. Stephen Birrell served as Chair until 
he stepped down from the Board and as Committee 
Chair in Feburuary 2023.
The Committee generally meets twice a year 
and is responsible for making recommendations 
to the Board of Directors on senior Executives’ 
remuneration. 
The Committee reviews the overall Remuneration 
policy of the Company, the Executive Director’s 
scorecard, and bonus awards related to the 
achievements of the targets set. 
2023 activities: 
• 
 Reviewed and approved the 2022 bonus awards 
to Executives and management and the 2022 
scorecard. 
• 
 Discussed and debated the changes to the 
Executive management team. 
• 
 Reviewed the Group’s long-term incentive 
structures. 
• 
Approved options. 
•  Reviewed and approved the 2023 scorecard.
• 
 Considered the remuneration package for the 
Executive Chair and members of the Executive 
Management team.
Nominations Committee
The Nominations Committee comprises of Tom 
Richardson (Chair) and Harry Beamish. Stephen 
Birrell served as Chair until his resignation in 
February 2023..
The Committee was established during 2020, with 
matters pertaining to Nominations previously dealt 
with by the Remuneration Committee. 
The role of the Committee is to consider Board 
composition and succession planning, to identify 
candidates for NED positions and to make 
recommendations to the Board. 
2023 activities:
• 
 Considered the near term composition of 
the Board.
Corporate Governance Framework
continued

 Annual Report and Accounts for the year ended 31 December 2023 
29
Stock code: CORO
GOVERNANCE REPORT
HSE/Technical Committee
During 2024 all HSE and Technical matters are dealt 
with directly by the Board at each scheduled Board 
meeting.
Paramount to Coro’s ability to pursue its strategic 
priorities is a safe workplace and a culture of 
“safety ﬁrst”. The Company regards environmental 
awareness and sustainability as key strengths in 
planning and carrying out business activities. 
Coro’s daily operations are conducted in a way 
that adheres to these principles and Management 
is committed to their continuous improvement. 
While growing from exploration roots, the Company 
has strived to continually improve underlying 
safety performance. The Company has adopted 
a Health, Safety and Environment Management 
System, which provides for a series of procedures 
and routine checks (including periodical audits) 
to ensure compliance with all legal and regulatory 
requirements and best practices in this area. 
In 2023, Coro maintained its outstanding 
occupational health, safety and environmental track 
record. During 2023, the total man-hours amounted 
to 14,306 (2022: 31,672) with zero Lost Time Injury 
(“LTIs”) recorded (2022: nil) 
The 2023 HSE Report is provided on page 30. 

30 
Coro Energy plc
www.coroenergyplc.com
The total man-hours worked in 2023 were 14,306 with key HSE statistics recorded in the following four main 
categories:
1) Man-hours Worked
2023
 2022
Company
3,250
7,794
Contractors 
11,056
23,878
Total man-hours 
14,306
31,672
2) Lagging Indicators
2023
2022
Fatality
0
0
Lost Time Injury (LTI)
0
0
Restricted Work Case (RWC)
0
0
Medical Treatment Case (MTC)
0
0
First Aid Case (FAC)
0
0
Property damage
0
0
Environmental incident
0
0
Road Traffic Accident (RTA)
0
0
Near miss
0
1
HiPo (high potential incidents)
0
0
Lost workdays
0
0
3) Leading Indicators
2023
2022
HSE inspections 
238
329
HSE audits 
15
11
HSE meetings 
1
18
HSE inductions 
263
453
Emergency drills 
1
0
TBTs 
0
0
Training hours 
137
14
SHOC cards 
0
0
JSAs 
0
11
Management visits 
3
6
4) Environmental Data
2023
2022
Diesel consumed (mc) 
21
25
Water consumed (mc) 
22
36
Mud cuttings (mc) 
0
0
Non-hazardous waste (tonne) 
4,066
1,949
Hazardous waste (tonne) 
0
2
Instrumentation gas (mc) 
3,810
4,680
Electrical energy (MWh) 
196,585
98
All 2023 data relate to the time between January and October 2023, after which the Italian assets disposal 
became effective.
Coro is proud of its HSE achievements, with zero LTIs placing us ahead of industry averages. 
HSE Report

 Annual Report and Accounts for the year ended 31 December 2023 
31
Stock code: CORO
GOVERNANCE REPORT
Remuneration Committee
The Remuneration Committee recognises the 
importance of attracting, retaining and motivating 
talent within the Boardroom and the wider 
Executive team to ensure the success of the 
Company.
The Remuneration Committee is responsible 
for reviewing and determining compensation 
arrangements for all Directors and senior Executives. 
The Committee considers the appropriateness of 
the nature and amount of emoluments of such 
ofﬁcers on a periodic basis by reference to relevant 
employment market conditions with the overall 
objective of ensuring maximum stakeholder beneﬁt 
from the retention of a high-quality Board and 
senior Executive team.
There were changes made to the Company’s Board 
and Executive team in 2023. In March 2023, the 
intended appointment of Naheed Memon was 
announced and Mark Hood agreed to step down 
as a Non-Executive Director of the Company to 
ensure the Company maintained a balanced and 
cost effective Board. Naheed Memon was appointed 
as an Independent Non-Executive Director in 
April 2023. Tom Richardson was appointed as an 
Independent Non- Executive Director in July 2023. 
In Feburary 2024, with a view to transitioning to a 
structure more appropriate for the Group's current 
stage of development and focus, Stephen Birrell 
and Naheed Menon, both agreed to step down 
as Directors by mutual consent. Marco Fumagalli 
also retired from the Board in April 2024 at the 
Company’s AGM, following seven years as a Non-
Executive Director. Tom Richardson and James 
Parsons both stood for re-election at the 2024 AGM 
as per the requirements of the Company’s Articles 
of Association. Mr Parsons was not re-elected and 
stepped down as a Director following the AGM 
on 24 April 2024. As a result the Company’s stock 
was suspended until such time that an additional 
director joined the Board. On 2 July 2024 Harry 
Beamish was appointed to the Board and with the 
publication of these ﬁnancial results the suspension 
should be lifted and the Company resume trading.  
Additionally, on publication of the annual reports 
and accounts, Tom Richardson is to be appointed as 
Non-Executive Chair of the Company. 
The Committee will continue to work to ensure that 
the appropriate policies and framework are in place 
to reward the new Executive team for achievements 
and targets met, which, in turn, creates value for 
stakeholders.
Remuneration Package –  
Executive Directors
The Company offers a ﬁxed remuneration package 
of salary, pension and certain beneﬁts. In addition, 
Executive Directors are eligible for a discretionary 
bonus award. Award of bonuses depends on 
performance against a balanced scorecard, which is 
agreed by the Committee. In 2023 the Committee 
awarded options in which Executives are entitled to 
participate. Options may be granted to Executives 
annually, at the discretion of the Committee, and will 
generally vest in three years subject to performance 
vesting conditions determined by the Committee.
Non-Executive Directors’ Fees
The fees paid to the Non-Executive Directors are 
set at a level both in line with the market and to 
appropriately reward and retain individuals of a high 
calibre and are reviewed and approved by the Board. 
The fees paid reﬂect the level of commitment and 
contribution to the Company. Fees are paid monthly 
in cash and are inclusive of all Committee roles and 
responsibilities. 
Directors’ Remuneration Report

32 
Coro Energy plc
www.coroenergyplc.com
Remuneration of Directors
The following remuneration table comprises Directors’ salaries and beneﬁts in kind that were payable to 
Directors who held ofﬁce during the year ended 31 December 2023:
Salary and
 cash benefits
 US$
Bonus
US$
Fees
Total
2023
US$
Total 2022
US$’000
Executive Director
James Parsons
333
26
–
359
403
Non-Executive Directors
Mark Hood1
41
–
22
63
253
Marco Fumagalli
52
–
–
52
49
Stephen Birrell
52
–
–
52
38
Andrew Dennan2
–
–
–
–
22
Fiona MacAulay3
–
–
–
–
16
Tom Richardson4
23
–
–
23
–
Naheed Memon5
37
–
–
37
–
Total
538
26
22
586
781
1. Resigned on 24 March 2023   2. Resigned on 14 June 2022  3. Resigned on 25 March 2022  4. Appointed on 20 July 2023   
5. Appointed on 14 April 2023
Share-Based Payments 
In 2023, James Parsons was granted 35,000,000 new share options in the Company. There were no other 
new share options granted to Directors in the year. The table below shows all outstanding share awards to 
the Directors. The options awarded to Directors vest after three years subject to fulﬁlling the set performance 
conditions. The total share-based payments expense recognised in respect of Directors in 2023 was US$223k 
(2022: US$145k). For further details, refer to note 6 of the Notes to the Financial Statements.
The number of share options held by the Directors in the current and prior year is set out below: 
Options
held at
1 January 
2023
Granted
during
the year
Exercised
during 
the year
Lapsed/
forfeited 
during 
the year
Options
held at 
31 December
2023
Mark Hood
59,022,733 
–
–
–
59,022,733 
James Parsons 
57,080,979
35,000,000
–
(10,000,000)
82,080,979
Marco Fumagalli
10,000,000 
–
–
(10,000,000)
–
Directors’ Interest in Shares
Directors and their connected persons had the following interests in shares of the Company at 
31 December 2023:
Name of Director
No. of 
shares at
31 December
2023
No. of 
shares at
31 December
2022
James Parsons 
4,695,414
4,695,414
Marco Fumagalli1
–
–
1. 
 Marco Fumagalli holds no Ordinary Shares directly. M Fumagalli holds a 25% interest in Continental Investment Partners S.A 
(“Continental”), which has 3,817,065 Ordinary Shares as at 31 December 2023, (3,817,065 Ordinary Shares were held as at 31 December 2022).
This Remuneration Report was approved by the Board of Directors on 9 September 2024 and signed on its 
behalf by:
TOM RICHARDSON 
Non-Executive Director
Directors’ Remuneration Report
continued

 Annual Report and Accounts for the year ended 31 December 2023 
33
Stock code: CORO
GOVERNANCE REPORT
The Directors present their Annual Report and 
the audited Group and Company ﬁnancial 
statements of Coro Energy plc for the year ended 
31 December 2023. 
Principal Activities
Coro is an AIM-listed South East Asian energy 
company supporting the regional transition to a 
low-carbon economy, with a strategy centred on 
low-carbon energy investments, supported by an 
existing platform of gas assets. 
During the year the Group completed the disposal 
of its Italian natural gas portfolio to Zodiac Energy 
plc, and also divested its entire shareholding in ion 
Ventures and is now fully focussed on it’s South East 
Asian businesses.
Results and Dividends
The Group made a proﬁt attributable to owners of 
the Company of $1.7m (2022: US$5.5m loss).
The Directors have not recommended payment of a 
dividend (2022: nil). 
Directors 
The Directors who served during the period, and up 
to the date of this report, were as follows: 
• 
Tom Richardson (appointed 20 July 2023)
• 
Harry Beamish (appointed 2 July 2024)
• 
James Parsons (until 24 April 2024)
• 
Marco Fumagalli (until 24 April 2024)
• 
Mark Hood (until 24 March 2023)
• 
Stephen Birrell (until 16 February 2024)
• 
Naheed Memon (until 16 February 2024)
Directors’ and Ofﬁcers’ Indemnity 
Insurance
The Group has made qualifying third-party 
indemnity provisions for the beneﬁt of its Directors 
and ofﬁcers. These were made during the previous 
year and renewed post year end, and remain in force 
at the date of this report.
Provision of Information to Auditor
So far as each of the Directors is aware at the time 
this report is approved:
• 
 there is no relevant audit information of which 
the Company’s auditor is unaware; and
• 
 the Directors have taken all steps that they ought 
to have taken to make themselves aware of any 
relevant audit information and to establish that 
the auditor is aware of that information.
Future Developments
Future developments are included in the Statement 
from the Directors.
Information on the ﬁnancial instruments of the 
Group and its approach to ﬁnancial risk management 
is disclosed in note 21 to the ﬁnancial statements.
Substantial Shareholdings
The Directors were advised of the following 
signiﬁcant direct and indirect interests in the 
issued share capital of the Company above 3%. The 
information is as at register analysis cut-off date of 
30 December 2023, except where TR-1 notiﬁcations 
are made subsequent to the date of these Annual 
Reports and Financial Statements:
Name of shareholder
Interest
River Merchant Capital Ltd
9.45%
Novum Securities* 
8.32%
Spreadex Ltd** 
4.07%
*  
Private Investor Holdings
**   67,396,000 votes (2.62%) – CFD/Spread bet ﬁnancial 
instruments – 62,153,318 ordinary shares (2.42%) held directly.
Subsequent Events
The events after the reporting period are set out in 
note 26 to the ﬁnancial statements.
Going Concern
The Group and Company ﬁnancial statements 
have been prepared under the going concern 
assumption, which presumes that the Group and 
Company will be able to meet its obligations as they 
fall due for the foreseeable future.
At 31 December 2023 the Group had cash reserves 
of $1.1m and current receivables of $1.1m related 
to residual sales proceeds from the sale of Italian 
operations and its investment in ion Venture. The 
Group’s Eurobond obligation matured on 12 April 
2024 with the outstanding balances, including the 
Directors’ Report

34 
Coro Energy plc
www.coroenergyplc.com
rolled up coupon, or US$31.3 million. The Group 
has been in active discussions with bondholders 
in relation to the restructuring of the bonds and 
received a letter from two lenders holding 68% of 
the Eurobonds on 12 April 2024 (the "Standstill"). 
The Standstill, which the Company is advised is 
binding on the parties, provides a conditional 
standstill on the repayment of the Group's current 
debt obligations on expiry whilst the ongoing 
constructive discussions with the Group in respect 
of the Eurobonds continue and whilst certain 
inﬂexion points in the business materialise, including 
the outcome of the Duyung Operator's farm 
out process. The Group is working on a broader 
debt restructuring, which it intends to formally 
propose to all Eurobond holders and shareholders 
in due course. The Standstill conditions include a 
requirement for lender consent on material capex 
spend during the period of the standstill together 
with requirements for the provision of certain 
information and the appointment of a ﬁnancial 
advisor nominated by the noteholders to provide 
advice to the Board and the lenders.  During the 
course of the Standstill, the Group will work with 
the lenders and the ﬁnancial advisor reviewing 
the existing arrangements and working towards 
a permanent debt restructuring solution for the 
business.  The Group cautions that, notwithstanding 
the ongoing constructive discussions to-date and 
the agreement of this Standstill, noteholders could 
withdraw the Standstill at any time which would 
result in the Company triggering a default.
In the event of a default the amount owed 
under the Eurobond may result in the group 
relinquishing control of Coro Energy Holdings Cell 
A Limited (which ultimately holds the exploration 
and evaluation assets totalling $18,731k as at 31 
December 2023), against which the Eurobond is 
secured. Additionally, it should be noted that the 
carrying value of the investment in the subsidiary 
($17,452k) (note 20) and intercompany receivables 
of $254k and loans to subsidiaries of $1.67m (note 
20) on the parent company statement of ﬁnancial 
position are intrinsically linked to the carrying value 
of the exploration and evaluation assets totalling 
$18,731k; therefore if control of Coro Energy Holdings 
Cell A Limited is lost then these balances would all 
require impairment.
As at 31 December 2023, the group reports net 
current liabilities of $34,516k, consisting primarily 
of balances owed to the Eurobond holders along 
with trade and other payables. The group requires 
funding to repay these balances or to obtain 
an agreement to defer the balances owed to 
the Eurobond holders and other creditors or a 
combination of both, in order to meet its liabilities 
as they fall due. Additionally, whilst the group has 
generated cash from solar project in Vietnam over 
the last two ﬁnancial periods; this has not been 
sufﬁcient to meet the working capital requirements 
of the group.
Post the year under review, the Company raised 
US$500,000 via a secured convertible loan with River 
Merchant Capital, an existing lender to the Company 
under the Company’s Luxembourg 8% listed 
Eurobond and Fenikso Limited. The proceeds of this 
loan will be utilised to fund the Group's renewables 
business and for general working capital purposes. 
Under the Group’s forecast, this loan together with 
existing bank balances provides sufﬁcient funding to 
fund the Company’s working capital requirements 
through to the end of January 2025.
During the year the Group secured a non-binding 
lending commitment from HD Bank in Vietnam 
whereby the bank has provided the Group with an 
in principle commitment letter initially focussed 
on providing debt ﬁnance for 50% of the capital 
spend commitment for the ten locations in the pilot 
stage of the previously announced 50MW MOU 
with Mobile World Investment Corporation to install 
rooftop solar systems across their portfolio.
Management have prepared a consolidated cash 
ﬂow forecast for the period to 31 December 2025 
which shows that the Group will require additional 
equity ﬁnancing to meet its obligations and 
intended work renewables work programme in Asia 
during this period. The Group is actively pursuing 
a signiﬁcant fundraise and the directors have a 
reasonable expectation that sufﬁcient funds can be 
raised on equity markets to provide this liquidity, 
although the ability to raise sufﬁcient capital is not 
guaranteed. 
Based on the above, the Directors consider it 
appropriate to continue to adopt the going concern 
basis of accounting in preparing the Group and 
Company ﬁnancial statements for the year ended 31 
December 2023. Should the Group and Company 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 
which might arise and to classify ﬁxed assets as 
current. The auditors make reference to a material 
uncertainty in relation to going concern within their 
audit report.
This Directors’ Report was approved by the Board on 
9 September 2024 and signed on its behalf by:
TOM RICHARDSON 
Non-Executive Director
Directors’ Report
continued

 Annual Report and Accounts for the year ended 31 December 2023 
35
Stock code: CORO
GOVERNANCE REPORT
The Directors are responsible for preparing the 
Annual Report and the ﬁnancial statements in 
accordance with applicable law and regulations. 
Company law requires the Directors to prepare 
ﬁnancial statements for each ﬁnancial year. Under 
that law the Directors are required to prepare 
the Group and Company Financial Statements 
in accordance with UK-adopted international 
accounting standards and, as regards the Company 
ﬁnancial statements, as applied in accordance with 
the requirements of the Companies Act 2006.
Under company law, the Directors must not approve 
the ﬁnancial statements unless they are satisﬁed 
that they give a true and fair view of the state of 
affairs of the Company and the Group as at the 
end of the ﬁnancial year and of the proﬁt or loss 
of the Group and the Company for that period. In 
preparing these ﬁnancial statements, the Directors 
are required to: 
• 
 select suitable accounting policies and then 
apply them consistently;
• 
 make judgments and accounting estimates that 
are reasonable and prudent;
• 
 state whether the applicable UK adopted 
international accounting standards have been 
followed subject to any material departures 
disclosed and explained in the ﬁnancial 
statements; and
• 
 prepare the ﬁnancial statements on a going 
concern basis unless it is inappropriate to 
presume that the Group and the Company will 
continue in business.
The Directors are responsible for keeping adequate 
accounting records that are sufﬁcient to show and 
explain the Group and Company’s transactions and 
disclose with reasonable accuracy at any time the 
ﬁnancial position of the Company and the Group 
and enable them to ensure that the ﬁnancial 
statements comply with the Companies Act 2006. 
They are also responsible for safeguarding the assets 
of the Company and Group and hence for taking 
reasonable steps for the prevention and detection of 
fraud and other irregularities.
The Directors are responsible for the maintenance 
and integrity of the corporate and ﬁnancial 
information included on the Company’s website. 
Legislation in the United Kingdom governing the 
preparation and dissemination of the ﬁnancial 
statements may differ from legislation in other 
jurisdictions.
The Group is compliant with AIM Rule 26 regarding 
the Group’s website.
This report was approved by the Board on 
9 September 2024 and signed on its behalf by:
TOM RICHARDSON 
Non-Executive Director
Statement of Directors’ Responsibilities

36 
Coro Energy plc
www.coroenergyplc.com
Independent Auditor's Report
To the Members of Coro Energy Plc 
Opinion 
We have audited the ﬁnancial statements of 
Coro Energy Plc (the ‘parent company’) and its 
subsidiaries (the ‘group’) for the year ended 31 
December 2023 which comprise the Consolidated 
Statement of Comprehensive Income, the 
Consolidated and Company Balance Sheets, 
the Consolidated and Company Statements of 
Changes in Equity, the Consolidated and Company 
Statements of Cash Flows and notes to the ﬁnancial 
statements, including signiﬁcant accounting 
policies. The ﬁnancial reporting framework that has 
been applied in their preparation is applicable law 
and UK-adopted international accounting standards. 
In our opinion: 
• 
 give a true and fair view of the state of the 
group’s and parent company’s affairs as at 31 
December 2023 and of its proﬁt for the year then 
ended; 
• 
 the group ﬁnancial statements have been 
properly prepared in accordance with UK-
adopted international accounting standards;
• 
 the parent company ﬁnancial statements have 
been properly prepared in accordance with UK-
adopted international accounting standards and 
as applied in accordance with the provisions of 
the Companies Act 2006; and 
• 
 the ﬁnancial statements have been prepared 
in accordance with the requirements of the 
Companies Act 2006. 
Basis for opinion 
We conducted our audit in accordance with 
International Standards on Auditing (UK) (ISAs 
(UK)) and applicable law. Our responsibilities 
under those standards are further described in 
the Auditor’s responsibilities for the audit of the 
ﬁnancial statements section of our report. We 
are independent of the company in accordance 
with the ethical requirements that are relevant to 
our audit of the ﬁnancial statements in the UK, 
including the FRC’s Ethical Standard as applied 
to listed entities, and we have fulﬁlled our other 
ethical responsibilities in accordance with these 
requirements. We believe that the audit evidence 
we have obtained is sufﬁcient and appropriate to 
provide a basis for our opinion. 
Material uncertainty related to  
going concern
We draw attention to note 2c in the ﬁnancial 
statements, which indicates that: 
• 
 As at 31 December 2023, the group reports net 
current liabilities of $34,516k, consisting primarily 
of balances owed to the Eurobond holders 
along with trade and other payables. The group 
requires funding to repay these balances or to 
obtain an agreement to defer the balances owed 
to the Eurobond holders and other creditors 
or a combination of both, in order to meet its 
liabilities as they fall due;
• 
 The group’s and parent company’s ﬁnancing 
arrangement, being the Eurobond, fell due on 12 
April 2024 with amounts outstanding of $31,327k 
as at 31 December 2023. The group and parent 
company have been unable to conclude re-
negotiations or obtain replacement ﬁnancing. 
Repayment has at the current time not been 
demanded under a Standstill agreement with 
68% of the bondholders, however, the Standstill 
could be withdrawn at any time; and
• 
 Failure to repay the amount owed may result in 
the group relinquishing control of Coro Energy 
Holdings Cell A Limited (which ultimately holds 
the exploration and evaluation assets totalling 
$18,731k as at 31 December 2023), against 
which the Eurobond is secured. Additionally, 
it should be noted that the carrying value of 
the investment in the subsidiary ($17,452k), 
intercompany receivables ($254k), and loans to 
subsidiaries ($1.67m) on the parent company 
statement of ﬁnancial position are intrinsically 
linked to the carrying value of the exploration and 
evaluation assets totalling $18,731k; therefore if 
control of Coro Energy Cell A Limited is lost then 
these balances would all require impairment.
As stated in note 2c, these events or conditions, 
along with the other matters as set forth in note 
2c, indicate that a material uncertainty exists that 
may cast signiﬁcant doubt on the company’s ability 
to continue as a going concern. Our opinion is not 
modiﬁed in respect of this matter.

 Annual Report and Accounts for the year ended 31 December 2023 
37
Stock code: CORO
GOVERNANCE REPORT
In auditing the ﬁnancial statements, we have 
concluded that the director’s use of the going 
concern basis of accounting in the preparation 
of the ﬁnancial statements is appropriate. Our 
evaluation of the directors’ assessment of the 
company’s ability to continue to adopt the going 
concern basis of accounting included the following: 
• 
 We critically assessed management’s ﬁnancial 
forecasts through comparing actual outcomes in 
2023 results against historic forecasts. Underlying 
key assumptions, including revenue, operating 
and capital expenditure were assessed by 
considering factors such as historical revenue 
proﬁles, and operating expenditure historic 
actuals in order to assess the reasonableness of 
the forecasts.
• 
 We assessed the reasonableness of key 
assumptions underpinning the forecasts by 
reference to publicly available information and 
underlying source documentation.
• 
 We reviewed post year end information for 
consistency with the forecasts.
• 
 We agreed post year end cash position to bank 
statements. 
• 
 We obtained the agreement in respect of the 
new post year end ﬁnancing arrangement, being 
the convertible loan note of $500k. 
• 
 We reviewed discretionary versus committed 
spend in the forecast and completeness of 
expenses included.
• 
 We performed sensitivity analysis on the cash 
ﬂow forecast to consider the available headroom 
under different reasonably possible scenarios 
including an increase in expenses.
• 
 We made enquiries of Management and 
Directors and reviewed Board minutes to assess 
the completeness of commitments considered in 
the cash ﬂow forecasts.
• 
 We evaluated the adequacy of disclosures made 
in the ﬁnancial statements in respect of going 
concern. 
Our responsibilities and the responsibilities of 
the directors with respect to going concern are 
described in the relevant sections of this report. 
Our application of materiality 
Entity
Basis for materiality Materiality
Coro Energy Plc –  
group 
5% (2023: 5%)  
of net liabilities 
$355k  
(2022: $293k)
Coro Energy Plc –  
parent company 
5% (2022: 5%) of 
net liabilities but 
capped based on 
group materiality
$240k  
(2022: $180k)
The scope of our audit was inﬂuenced by our 
application of materiality. We set certain quantitative 
thresholds for materiality. These, together with 
qualitative considerations, helped us to determine 
the scope of our audit and the nature, timing and 
extent of our audit procedures on the individual 
ﬁnancial statement line items and disclosures 
and in evaluating the effect of misstatements, 
both individually and on the ﬁnancial statements 
as a whole. 
Based on our professional judgement, we 
consider net liabilities to be the most signiﬁcant 
determinant of the group’s and parent company’s 
ﬁnancial performance used by shareholders as 
the group continues to progress its assets and the 
parent company continues to support the group’s 
development activities. 
Whilst materiality for the ﬁnancial statements as 
a whole was set at $355k (2022: $293k), signiﬁcant 
components of the group were audited to a level 
of materiality ranging between $90k and $240k 
(2022: between $91k and $205k). Performance 
materiality for the group and components was set 
at 70% (2022: 70%) to ensure sufﬁcient coverage of 
key balances. We apply the concept of materiality 
both in planning and performing our audit, and 
in evaluating the effect of misstatements. At the 
planning stage materiality is used to determine the 
ﬁnancial statement areas that are included within 
the scope of our audit and the extent of sample sizes 
during the audit.
We agreed with management that we would 
report to the audit committee all audit differences 
identiﬁed during the course of our audit in excess 
of $17.7k (2022: $14.7k) for the group and $12k (2022: 
$9k) for the parent company. We also agreed to 
report differences below these thresholds that, in 
our view warranted reporting on qualitative grounds.

38 
Coro Energy plc
www.coroenergyplc.com
Our approach to the audit
In designing our audit, we determined materiality and assessed the risk of material misstatement in the 
ﬁnancial statements. In particular, we looked at areas requiring the directors to make subjective judgements, 
for example in respect of signiﬁcant accounting estimates including the carrying value of assets and the 
consideration of future events that are inherently uncertain. We also addressed the risk of management 
override of internal controls, including evaluating whether there was evidence of bias by the directors that 
represented a risk of material misstatement due to fraud. 
An audit was performed on the ﬁnancial information of the group’s operating components which for the year 
ended 31 December 2023 were located in the United Kingdom and Asia, with the group’s accounting function 
being based in the UK.
The audit of all signiﬁcant components was performed in London, conducted by PKF Littlejohn LLP using a 
team with speciﬁc experience of auditing listed entities in the energy and resource sector.
Our work scope included audit procedures to address the key audit matters, being the capitalisation and 
impairment of intangible development assets and exploration expenditure, the recoverability of investments 
and intercompany receivables and the disposal accounting of the Italian portfolio.
Key audit matters 
Key audit matters are those matters that, in our professional judgment, were of most signiﬁcance in our audit 
of the ﬁnancial statements of the current period and include the most signiﬁcant assessed risks of material 
misstatement (whether or not due to fraud) we identiﬁed, including those which had the greatest effect on: 
the overall audit strategy, the allocation of resources in the audit; and directing the efforts of the engagement 
team. These matters were addressed in the context of our audit of the ﬁnancial statements as a whole, and 
in forming our opinion thereon, and we do not provide a separate opinion on these matters.  In addition to 
the matter described in the Material uncertainty related to going concern section we have determined the 
matters described below to be the key audit matters to be communicated in our report.
Independent Auditors' Report
To the Members of Coro Energy Plc continued

 Annual Report and Accounts for the year ended 31 December 2023 
39
Stock code: CORO
GOVERNANCE REPORT
Key Audit Matter
How our scope addressed this matter
Capitalisation and impairment of exploration and development assets
There is a risk that the carrying values of the 
group's exploration and development assets are 
not fully recoverable and should be impaired in 
line with IFRS 6, Exploration for and Evaluation 
of Mineral Resources and IAS 36, Impairment of 
Assets.
The group has various exploration and 
development projects, predominantly in Indonesia 
and the Philippines. Given the early stage of 
development of the projects, the assessment of 
impairment requires signiﬁcant judgement and 
therefore this matter is considered to be a key audit 
matter. This risk also relates to the appropriate 
capitalisation of exploration costs amounting to 
$18,731k (2022: $17,707k) and development costs 
amounting to $579k (2022: $428k)  in accordance 
with IFRS 6 and IAS 38, Intangible Assets, 
respectively.
Related disclosures are included in Note 2e and 
Note 13 to the ﬁnancial statements.
Our audit work in this area included:
• 
 Testing a sample of capitalised exploration and 
evaluation expenditures and development costs 
to source documentation in order to assess their 
eligibility for capitalisation under IFRS 6 and IAS 
38, respectively;
• 
 Ensuring the validity of exploration licences 
and relevant agreements relating to project 
partnerships and reviewing key terms to ensure 
appropriateness of accounting treatment;
• 
 Making enquiries of management regarding 
future plans for each project including obtaining 
cashﬂow projections where necessary and 
corroborating to minimum spend requirements 
attached to licences, where appropriate;
• 
 Considering whether there are indications of 
impairment on a project by project basis in 
accordance with the requirements of IFRS 6 and 
IAS 36, as applicable; 
• 
 Reviewing management’s impairment papers in 
respect of the carrying value of intangible assets. 
Providing challenge to, and corroborating any key 
assumptions used; 
• 
 Reviewing Board minutes and Regulatory News 
Services announcements in the year and post 
year end for indicators of potential impairment; 
and 
• 
 Evaluating the appropriateness of the 
presentation and disclosures in the ﬁnancial 
statements.
Based on the work performed, we are satisﬁed that 
intangible assets are not materially misstated. 
We draw your attention to the Material uncertainty 
related to going concern section of this report, 
which refers to the security against the Eurobond, 
which, if exercised, could result in impairment of 
the exploration and evaluation assets relating to the 
Duyung PSC totalling $18,731k as at 31 December 
2023.

40 
Coro Energy plc
www.coroenergyplc.com
Key Audit Matter
How our scope addressed this matter
Valuation of investments and intercompany receivables (parent company)
There is a risk of material misstatement regarding the 
recoverability of investments in subsidiaries (including 
intercompany receivables and loans from subsidiaries 
i.e. the net investment in each subsidiary).
The carrying value of investments is ultimately 
dependent on the value of the underlying assets. 
Many of the underlying assets are exploration and 
development projects which are at an early stage, 
making it difﬁcult to deﬁnitively determine their 
value. Valuations for these sites are therefore based 
on judgments and estimates made by the Directors, 
which leads to a risk of misstatement and as such this 
is deemed to be a key audit matter. 
Similar considerations apply to the recoverability of 
loans to group undertakings.
Related disclosures are included in Notes 2e, 11 and 20 
to the ﬁnancial statements.
Our audit work in this area included:
• 
 Obtaining evidence of ownership for all 
investments held within the group; 
• 
 Reviewing the value of investment balances 
against the value of the underlying assets, 
including reference to work performed in respect 
of the carrying value of intangible assets in 
accordance with IFRS 6 and IAS 38; 
• 
 Reviewing management’s impairment paper 
in respect of the recoverability of investment 
balances (including intercompany receivables) 
at the parent company level and providing 
appropriate challenge, corroborating any key 
assumptions and inputs used; 
• 
 Evaluating management’s assessment of 
expected credit losses in relation to intercompany 
receivables, where applicable; and 
• 
 Evaluating the appropriateness of the 
presentation and disclosures in the ﬁnancial 
statements.
Based on the work performed, we are satisﬁed that 
the carrying value of investments in subsidiaries 
and intercompany receivables are not materially 
misstated.
We draw your attention to the Material uncertainty 
related to going concern section of this report, which 
refers to the security against the Eurobond, which, if 
exercised, could result in impairment of investments 
in subsidiaries ($17,452k), intercompany receivables 
($254k) and loans to subsidiaries ($1.67m) relating 
to Coro Energy Holdings Cell A Limited and its 
subsidiaries as at 31 December 2023.
Independent Auditors' Report
To the Members of Coro Energy Plc continued

 Annual Report and Accounts for the year ended 31 December 2023 
41
Stock code: CORO
GOVERNANCE REPORT
Key Audit Matter
How our scope addressed this matter
Disposal Accounting – Italian Portfolio
The Italian operations, consisting of subsidiary 
Apennine Energy SpA, and its parent company, Coro 
Europe Limited, were disposed of during the year 
under review.
On 8 November 2023 it was announced that the 
sale of the Italian portfolio was approved by the 
Italian regulatory authorities and that the sale was 
completed. The total consideration for the sale, was up 
to Euro 7.4 million which consists of Euro 5.86 million 
upfront consideration and a 10% net proﬁt interest 
(‘NPI’) on future proﬁts, capped at Euro 1.5 million. 
There is a risk that the disposal of the Italian portfolio 
has not been accurately accounted for.
Related disclosures are included in Note 2e and Note 
19a to the ﬁnancial statements.
Our audit work in this area included:
• 
 Obtaining relevant agreements relating to the 
sale and reviewing the terms to understand the 
point at which the sale was complete and control 
was no longer deemed to be held by the group;
• 
 Agreeing consideration, dates and entities sold to 
the sale agreement; 
• 
 Vouching any consideration received to bank 
statements;
• 
 Determining the appropriateness of 
management’s considerations relating to the 10% 
NPI on future proﬁts;
• 
 Recalculating the gain recognised on the 
disposal and reviewing the appropriateness of 
accounting entries made;
• 
 Ensuring the assets and liabilities have 
been derecognised appropriately from the 
consolidation; and 
• 
 Reviewing disclosures made in respect of the 
disposal and ensuring these are accurate and 
complete.
Based on the work performed, we are satisﬁed that 
the accounting treatment of the disposal is not 
materially misstated.
Other information
The other information comprises the information included in the annual report, other than the ﬁnancial 
statements and our auditor’s report thereon. The directors are responsible for the other information contained 
within the annual report. Our opinion on the ﬁnancial statements does not cover the other information 
and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance 
conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether 
the other information is materially inconsistent with the ﬁnancial statements or our knowledge obtained 
in the course of the audit, or otherwise appears to be materially misstated. If we identify such material 
inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a 
material misstatement in the ﬁnancial statements themselves. If, based on the work we have performed, we 
conclude that there is a material misstatement of this other information, we are required to report that fact. 
We have nothing to report in this regard. 
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: 
• 
 the information given in the strategic report and the directors’ report for the ﬁnancial year for which the 
ﬁnancial statements are prepared is consistent with the ﬁnancial statements; and 
• 
 the strategic report and the directors’ report have been prepared in accordance with applicable legal 
requirements. 

42 
Coro Energy plc
www.coroenergyplc.com
Matters on which we are required to 
report by exception 
In the light of the knowledge and understanding 
of the company and its environment obtained 
in the course of the audit, we have not identiﬁed 
material misstatements in the strategic report or the 
directors’ report. 
We have nothing to report in respect of the following 
matters in relation to which the Companies Act 2006 
requires us to report to you if, in our opinion: 
• 
 adequate accounting records have not been 
kept, or returns adequate for our audit have not 
been received from branches not visited by us; or 
• 
 the ﬁnancial statements are not in agreement 
with the accounting records and returns; or 
• 
 certain disclosures of directors’ remuneration 
speciﬁed by law are not made; or 
• 
 we have not received all the information and 
explanations we require for our audit.
Responsibilities of directors 
As explained more fully in the statement of directors’ 
responsibilities, the directors are responsible for 
the preparation of the ﬁnancial statements and 
for being satisﬁed that they give a true and fair 
view, and for such internal control as the directors 
determine is necessary to enable the preparation 
of ﬁnancial statements that are free from material 
misstatement, whether due to fraud or error. 
In preparing the ﬁnancial statements, the directors 
are responsible for assessing the company’s ability 
to continue as a going concern, disclosing, as 
applicable, matters related to going concern and 
using the going concern basis of accounting unless 
the directors either intend to liquidate the company 
or to cease operations, or have no realistic alternative 
but to do so. 
Auditor’s responsibilities for the audit 
of the ﬁnancial statements 
Our objectives are to obtain reasonable assurance 
about whether the ﬁnancial statements as a whole 
are free from material misstatement, whether due 
to fraud or error, and to issue an auditor’s report 
that includes our opinion. Reasonable assurance is 
a high level of assurance but is not a guarantee that 
an audit conducted in accordance with ISAs (UK) 
will always detect a material misstatement when it 
exists. Misstatements can arise from fraud or error 
and are considered material if, individually or in the 
aggregate, they could reasonably be expected to 
inﬂuence the economic decisions of users taken on 
the basis of these ﬁnancial statements. 
Irregularities, including fraud, are instances of 
non-compliance with laws and regulations. We 
design procedures in line with our responsibilities, 
outlined above, to detect material misstatements in 
respect of irregularities, including fraud. The extent 
to which our procedures are capable of detecting 
irregularities, including fraud is detailed below:
• 
We obtained an understanding of the group 
and parent company and the sector in which 
they operate to identify laws and regulations that 
could reasonably be expected to have a direct 
effect on the ﬁnancial statements. We obtained 
our understanding in this regard through 
detailed discussions with management about the 
potential instances of non-compliance with laws 
and regulations both in the UK and in overseas 
subsidiaries. We also selected a speciﬁc audit team 
based on experience with auditing entities within 
this industry of a similar size. 
• 
 We determined the principal laws and 
regulations relevant to the group and parent 
company in this regard to be those arising from:
 
– 
Companies Act 2006; 
 
– 
AIM Rules for Companies; and
 
– 
Local tax and employment law. 
Independent Auditors' Report
To the Members of Coro Energy Plc continued

 Annual Report and Accounts for the year ended 31 December 2023 
43
Stock code: CORO
GOVERNANCE REPORT
• 
 We designed our audit procedures to ensure the 
audit team considered whether there were any 
indications of non-compliance by the group and 
parent company with those laws and regulations. 
These procedures included, but were not limited 
to:
 
– 
Making enquiries of management; 
 
– 
Reviewing Board Minutes; 
 
– 
Reviewing legal ledger accounts; and
 
– 
 Reviewing Regulatory News Services 
announcements. 
• 
 We also identiﬁed the risks of material 
misstatement of the ﬁnancial statements due to 
fraud. We considered, in addition to the non-
rebuttable presumption of a risk of fraud arising 
from management override of controls, that 
there were no other signiﬁcant fraud risks. 
• 
 As in all of our audits, we addressed the risk of 
fraud arising from management override of 
controls by performing audit procedures which 
included, but were not limited to: the testing 
of journals; reviewing accounting estimates for 
evidence of bias; and evaluating the business 
rationale of any signiﬁcant transactions that are 
unusual or outside the normal course of business.
Because of the inherent limitations of an audit, 
there is a risk that we will not detect all irregularities, 
including those leading to a material misstatement 
in the ﬁnancial statements or non-compliance 
with regulation.  This risk increases the more that 
compliance with a law or regulation is removed 
from the events and transactions reﬂected in the 
ﬁnancial statements, as we will be less likely to 
become aware of instances of non-compliance. The 
risk is also greater regarding irregularities occurring 
due to fraud rather than error, as fraud involves 
intentional concealment, forgery, collusion, omission 
or misrepresentation.
A further description of our responsibilities for 
the audit of the ﬁnancial statements is located 
on the Financial Reporting Council’s website 
at: www.frc.org.uk/auditorsresponsibilities. This 
description forms part of our auditor’s report. 
Use of our report
This report is made solely to the company’s 
members, as a body, in accordance with Chapter 
3 of Part 16 of the Companies Act 2006.  Our audit 
work has been undertaken so that we might state 
to the company’s members those matters we are 
required to state to them in an auditor’s report and 
for no other purpose.  To the fullest extent permitted 
by law, we do not accept or assume responsibility to 
anyone, other than the company and the company's 
members as a body, for our audit work, for this 
report, or for the opinions we have formed.
Imogen Massey (Senior Statutory Auditor)  
For and on behalf of PKF Littlejohn LLP 
Statutory Auditor 
15 Westferry Circus 
Canary Wharf 
London E14 4HD
9 September 2024

44 
Coro Energy plc
www.coroenergyplc.com
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2023
Notes
31 December
 2023
US$’000
31 December
 2022
US$’000
Continuing operations
Revenue
235
51
Depreciation and amortisation expense
(78)
(21)
Gross profit
157
30
Other (loss)/income
(3)
309
General and administrative expenses
5
(3,305)
(3,574)
Depreciation expense
(10)
(15)
Impairment reversal
54
–
Gain on disposal of investments in associates and subsidiaries
19b
1,313
–
Share of loss of associates
(49)
(82)
Loss from operating activities
(1,843)
(3,332)
Finance income
7
1,045
636
Finance expense
7
(4,249)
(5,491)
Net finance expense
(3,204)
(4,855)
Loss before income tax
(5,047)
(8,187)
Income tax benefit/(expense)
8
–
–
Loss for the year from continuing operations
(5,047)
(8,187)
Discontinued operations
Gain for the year from discontinued operations
19a
6,738
2,642
Total profit/(loss) for the year
1,691
(5,545)
Other comprehensive income/loss
Items that may be reclassified to profit and loss
Exchange differences on translation of foreign operations
(3,339)
2,925
Total comprehensive loss for the year
(1,648)
(2,620)
Profit/(loss) attributable to:
Owners of the Company
1,717
(5,479)
Non-controlling interests
(26)
(66)
Total comprehensive loss attributable to:
Owners of the Company
(1,622)
(2,554)
Non-controlling interests
(26)
(66)
Basic and diluted profit/(loss) per share from continuing operations ($)
9
(0.002)
(0.004)
Basic earnings per share from discontinued operations (US$)
0.0025
0.001
Diluted earnings per share from discontinued operations (US$)
0.0024
0.001
The consolidated statement of comprehensive income should be read in conjunction with the accompanying 
notes.

 Annual Report and Accounts for the year ended 31 December 2023 
45
Stock code: CORO
FINANCIAL STATEMENTS
Consolidated Balance Sheet
Company number: 10472005  
As at 31 December 2023
Notes
31 December
 2023
US$’000
31 December
 2022
US$’000
Non-current assets
 
Property, plant and equipment
12
1,680
1,854
Intangible assets
13
20,190
18,896
Investment in associates
23
–
259
Other financial assets
19a
472
–
Total non-current assets
 
22,342
21,009
Current assets
 
Cash and cash equivalents
21
1,095
166
Trade and other receivables
11
1,399
213
Inventory
10
35
34
Total current assets
 
2,529
413
Assets of disposal group held for sale
19
–
9,710
Total assets
 
24,871
31,132
Liabilities and equity
 
Current liabilities
 
Trade and other payables
15
660
819
Borrowings
16
31,327
–
Total current liabilities
 
31,987
819
Non-current liabilities
 
Borrowings
16
–
28,183
Total non-current liabilities
 
–
28,183
Liabilities of disposal group held for sale
19
–
9,443
Total liabilities
 
31,987
38,445
Equity
 
Share capital
17
3,826
3,184
Share premium
17
51,762
50,862
Merger reserve
18
–
9,708
Other reserves
18
3,603
7,267
Non-controlling interests
(92)
(66)
Accumulated losses
 
(66,215)
(78,268)
Total equity
 
(7,116)
(7,313)
Total equity and liabilities
 
24,871
31,132
The consolidated balance sheet should be read in conjunction with the accompanying notes.
The ﬁnancial statements on pages 44 to 88 were authorised for issue by the Board of Directors on  
9 September 2024 and were signed on its behalf by:
TOM RICHARDSON 
Non-Executive Director

46 
Coro Energy plc
www.coroenergyplc.com
Consolidated Statement of Changes in Equity
For the year ended 31 December 2023
Attributable to equity shareholders of the Company
Share
capital
US$’000
Share
 premium
US$’000
Merger
reserve
US$’000
Other
reserves
US$’000
Accumulated
losses
US$’000
Non-
controlling
interest
US$’000
Total
US$’000
At 1 January 2022
2,943
50,461
9,708
4,180
(72,822)
–
(5,530)
Total comprehensive  
loss for the period:
Loss for the period
–
–
–
–
(5,479)
(66)
(5,545)
Other comprehensive 
income
–
–
–
2,925
–
–
2,925
Total comprehensive 
income/(loss) for the 
period
–
–
–
2,925
(5,479)
(66)
(2,620)
Transactions with 
owners recorded 
directly in equity:
Issue of share capital
241
401
–
–
–
–
642
Lapsed share options
–
–
–
(33)
33
–
–
Share based payments 
for services rendered
–
–
–
195
–
–
195
Total transactions 
with owners recorded 
directly in equity
241
401
–
162
33
–
837
Balance at  
31 December 2022
3,184
50,862
9,708
7,267
(78,268)
(66)
(7,313)
Attributable to equity shareholders of the Company
Share
capital
US$’000
Share
 premium
US$’000
Merger
reserve
US$’000
Other
reserves
US$’000
Accumulated
losses
US$’000
Non-
controlling
interest
US$’000
Total
US$’000
At 1 January 2023
3,184
50,862
9,708
7,267
(78,268)
(66)
(7,313)
Total comprehensive 
loss for the year:
Profit/(loss) for the year
–
–
–
–
1,717
(26)
1,691
Disposal of 
discontinued 
operations
–
–
(9,708)
(628)
10,336
–
–
Other comprehensive 
loss
–
–
–
(3,339)
–
–
(3,339)
Total comprehensive 
(loss)/profit for the year
3,184
50,862
–
3,300
(66,215)
(92)
(8,961)
Transactions with 
owners recorded 
directly in equity:
Issue of share capital
642
900
–
–
–
–
1,542
Share based payments 
for services rendered
–
–
–
303
–
–
303
Total transactions 
with owners recorded 
directly in equity
642
900
–
303
–
–
1,845
Balance at 31 
December 2023
3,826
51,762
–
3,603
(66,215)
(92)
(7,116)
The consolidated statement of changes in equity should be read in conjunction with the accompanying note 
17 on share capital and note 18 Reserves.

 Annual Report and Accounts for the year ended 31 December 2023 
47
Stock code: CORO
FINANCIAL STATEMENTS
Consolidated Statement of Cash Flows
For the year ended 31 December 2023
Notes
31 December
 2023
US$’000
31 December
 2022
US$’000
Cash flows from operating activities
Receipts from customers
2,970
6,270
Payments to suppliers and employees
(5,709)
(6,599)
Interest received
7
1
–
Net cash used in operating activities
(2,738)
(329)
Cash flow from investing activities
Payments for property, plant and equipment
(11)
(1,868)
Payments for exploration and evaluation assets
13
(1,024)
(338)
Payments for intangible development assets
13
(138)
(257)
Cash relating to deconsolidated subsidiary
19a
(83)
–
Receipt from sale of Italian operations
19a
3,070
–
Receipt from sale of ion Ventures
19b
1,286
–
Net cash generated by/(used) in investing activities
3,100
(2,463)
Net increase/(decrease) in cash and cash equivalents
362
(2,792)
Cash and cash equivalents brought forward
784
3,551
Effects of exchange rate changes on cash and cash equivalents
(51)
25
Cash and cash equivalents carried forward
1,095
784
The consolidated statement of cash ﬂows should be read in conjunction with the accompanying notes, 
including the net debt reconciliation in note 16.
On 13 January 2023, the Eurobond note holders elected to receive interest payments on the notes in relation 
to the quarter to 12 January 2023 in new ordinary shares of the Company. A total of 229,325,962 new ordinary 
shares in the Company were issued in connection with this election.
On 27 January 2023, the Company restructured its arrangements with its Philippines partners to increase the 
Company’s entitlement to future dividends from 80% to 88% with the issuance of 40,000 new ordinary shares 
to the Philippines partners.
On 13 April 2023, the Eurobond note holders elected to receive interest payments on the notes in relation to 
the quarter to 12 April 2023 in new ordinary shares of the Company. A total of 257,556,113 new ordinary shares in 
the Company were issued in connection with this election. 

48 
Coro Energy plc
www.coroenergyplc.com
Company Balance Sheet
Company number: 10472005  
As at 31 December 2023
Notes
31 December
 2023
US$’000
31 December
 2022
US$’000
Non-current assets
Investment in subsidiaries
20
18,683
17,501
Property, plant and equipment
12
7
3
Intangible assets
13
–
7
Investment in associates
19b
–
602
Total non-current assets
18,690
18,113
Current assets
Cash and cash equivalents
21
573
130
Trade and other receivables
11
4,190
3,204
Loans to subsidiaries
20
–
65
Total current assets
4,763
3,399
Total assets
23,453
21,512
Liabilities and equity
Current liabilities
Trade and other payables
15
318
734
Loans from subsidiaries
20
3,602
–
Borrowings
16
31,327
–
Total current liabilities
35,247
734
Non-current liabilities
Borrowings
16
–
28,183
Interest bearing loans
21
–
1,263
Total non-current liabilities
–
29,446
Total liabilities
35,247
30,180
Equity
Share capital
17
3,826
3,184
Share premium
17
51,762
50,862
Other reserves
18
2,489
2,713
Accumulated losses
(69,871)
(65,427)
Total equity
(11,794)
(8,668)
Total equity and liabilities
23,453
21,512
The Company balance sheet should be read in conjunction with the accompanying notes. 
As permitted by s408 of the Companies Act 2006, the Company has not presented its own income statement. 
The Company loss for the year was US$4.4m (2022: loss US$7.1m).
The ﬁnancial statements on pages 44 to 88 were authorised for issue by the Board of Directors on  
9 September 2024 and were signed on its behalf by:
TOM RICHARDSON 
Non-Executive Director

 Annual Report and Accounts for the year ended 31 December 2023 
49
Stock code: CORO
FINANCIAL STATEMENTS
Company Statement of Changes in Equity
For the year ended 31 December 2023
Share 
capital
US$’000
Share
 premium
US$’000
Other 
reserves
US$’000
Accumulated
 losses
US$’000
Total
US$’000
At 1 January 2022
2,943
50,461
2,095
(58,405)
(2,906)
Total comprehensive loss for the period:
Loss for the period
–
–
–
(7,055)
(7,055)
Other comprehensive income
–
–
456
–
456
Total comprehensive income/(loss) for the period
–
–
456
(7,055)
(6,599)
Transactions with owners recorded directly  
in equity:
Issue of share capital
241
401
–
–
642
Lapsed share options
–
–
(33)
33
-
Share-based payments for services rendered
–
–
195
–
195
Total transactions with owners recorded directly  
in equity
241
401
162
33
837
Balance at 31 December 2022
3,184
50,862
2,713
(65,427)
(8,668)
Share 
capital
US$’000
Share
 premium
US$’000
Other 
reserves
US$’000
Accumulated
 losses
US$’000
Total
US$’000
At 1 January 2023
3,184
50,862
2,713
(65,427)
(8,668)
Total comprehensive loss for the year:
Loss for the year
–
–
–
(4,444)
(4,444)
Other comprehensive loss
–
–
(527)
–
(527)
Total comprehensive loss for the year
–
–
(527)
(4,444)
(13,639)
Transactions with owners recorded directly in 
equity:
Issue of share capital
642
900
–
–
1,542
Share-based payments for services rendered
–
–
303
–
303
Total transactions with owners recorded directly in 
equity
642
900
303
–
–
Balance at 31 December 2023
3,826
51,762
2,489
(69,871)
(11,794)
The consolidated statement of changes in equity should be read in conjunction with the accompanying note 
17 on share capital and note 18 Reserves.

50 
Coro Energy plc
www.coroenergyplc.com
Company Statement of Cash Flows
For the year ended 31 December 2023
Notes
31 December
 2023
US$’000
31 December
 2022
US$’000
Cash flows from operating activities
Payments to suppliers and employees
(2,874)
(4,428)
Net cash used in operating activities
(2,874)
(4,428)
Cash flow from investing activities
Proceeds on disposal of equity accounted associates
19b
1,286
–
Net cash generated from investing activities
1,286
–
Cash flows from financing activities
Loans from subsidiaries
20
2,080
–
Interest bearing borrowings from subsidiaries
21
–
1,263
Net cash generated from/(used in) financing activities
2,080
1,263
Net increase/(decrease) in cash and cash equivalents
492
(3,165)
Cash and cash equivalents brought forward
130
3,269
Effects of exchange rate changes on cash and cash equivalents
(49)
26
Cash and cash equivalents carried forward
573
130
The Company statement of cash ﬂows should be read in conjunction with the accompanying notes.
On 13 January 2023, the Eurobond note holders elected to receive interest payments on the notes in relation 
to the quarter to 12 January 2023 in new ordinary shares of the Company. A total of 229,325,962 new ordinary 
shares in the Company were issued in connection with this election.
On 27 January 2023, the Company restructured its arrangements with its Philippines partners to increase the 
Company’s entitlement to future dividends from 80% to 88% with the issuance of 40,000 new ordinary shares 
to the Philippines partners.
On 13 April 2023, the Eurobond note holders elected to receive interest payments on the notes in relation to 
the quarter to 12 April 2023 in new ordinary shares of the Company. A total of 257,556,113 new ordinary shares in 
the Company were issued in connection with this election.

 Annual Report and Accounts for the year ended 31 December 2023 
51
Stock code: CORO
FINANCIAL STATEMENTS
Notes to the Financial Statements
For the year ended 31 December 2023
Note 1: Corporate Information
Coro Energy plc (the “Company” and, together with its subsidiaries, the “Group”) is a company incorporated 
in England and listed on the AIM market of the London Stock Exchange. The Company’s registered address 
is c/o Pinsent Masons LLP, 1, Park Row, Leeds, England, LS1 5AB, UK. The consolidated ﬁnancial statements for 
the year ended 31 December 2023 comprise the Company and its interests in its subsidiaries, investments in 
associates and jointly controlled operations (together referred to as the “Group”), whose principal activities are 
described further in the Directors’ Report on page 33.
Note 2: Basis of Preparation
(a) Statement of compliance
The ﬁnancial statements are prepared in accordance with UK-adopted international accounting standards 
and with the requirements of the Companies Act 2006.
(b) Basis of measurement
These ﬁnancial statements have been prepared on the basis of historical cost apart from non-current assets 
(or disposal groups) held for sale, which are measured at fair value less costs of disposal and derivative ﬁnancial 
instruments recorded at fair value through proﬁt and loss.
(c) Going concern
The Group and Company ﬁnancial statements have been prepared under the going concern assumption, 
which presumes that the Group and Company will be able to meet its obligations as they fall due for the 
foreseeable future.
At 31 December 2023 the Group had cash reserves of $1.1m and current receivables of $1.1m related to residual 
sales proceeds from the sale of Italian operations and its investment in ion Venture. The Group’s Eurobond 
obligation matured on 12 April 2024 with the outstanding balances, including the rolled up coupon, or 
US$31.3 million. The Group has been in active discussions with bondholders in relation to the restructuring 
of the bonds and received a letter from two lenders holding 68% of the Eurobonds on 12 April 2024 (the 
"Standstill"). The Standstill, which the Company is advised is binding on the parties, provides a conditional 
standstill on the repayment of the Group's current debt obligations on expiry whilst the ongoing constructive 
discussions with the Group in respect of the Eurobonds continue and whilst certain inﬂexion points in 
the business materialise, including the outcome of the Duyung Operator's farm out process. The Group is 
working on a broader debt restructuring, which it intends to formally propose to all Eurobond holders and 
shareholders in due course. The Standstill conditions include a requirement for lender consent on material 
capex spend during the period of the standstill together with requirements for the provision of certain 
information and the appointment of a ﬁnancial advisor nominated by the noteholders to provide advice to 
the Board and the lenders.  During the course of the Standstill, the Group will work with the lenders and the 
ﬁnancial advisor reviewing the existing arrangements and working towards a permanent debt restructuring 
solution for the business.  The Group cautions that, notwithstanding the ongoing constructive discussions to-
date and the agreement of this Standstill, noteholders could withdraw the Standstill at any time which would 
result in the Company triggering a default.
In the event of a default the amount owed under the Eurobond may result in the group relinquishing control 
of Coro Energy Holdings Cell A Limited (which ultimately holds the exploration and evaluation assets totalling 
$18,731k as at 31 December 2023), against which the Eurobond is secured. Additionally, it should be noted that 
the carrying value of the investment in the subsidiary ($17,452k) (note 20) and intercompany receivables of 
$254k and loans to subsidiaries of $1.67m (note 20) on the parent company statement of ﬁnancial position are 
intrinsically linked to the carrying value of the exploration and evaluation assets totalling $18,731k; therefore if 
control of Coro Energy Holdings Cell A Limited is lost then these balances would all require impairment.
As at 31 December 2023, the group reports net current liabilities of $34,516k, consisting primarily of balances 
owed to the Eurobond holders along with trade and other payables. The group requires funding to repay 
these balances or to obtain an agreement to defer the balances owed to the Eurobond holders and other 
creditors or a combination of both, in order to meet its liabilities as they fall due. Additionally, whilst the 
group has generated cash from solar project in Vietnam over the last two ﬁnancial periods; this has not been 
sufﬁcient to meet the working capital requirements of the group.

52 
Coro Energy plc
www.coroenergyplc.com
Note 2: Basis of Preparation continued
Post the year under review, the Company raised US$500,000 via a secured convertible loan with River 
Merchant Capital, an existing lender to the Company under the Company’s Luxembourg 8% listed Eurobond 
and Fenikso Limited. The proceeds of this loan will be utilised to fund the Group's renewables business and for 
general working capital purposes. Under the Group’s forecast, this loan together with existing bank balances 
provides sufﬁcient funding to fund the Company’s working capital requirements through to the end of 
January 2025.
During the year the Group secured a non-binding lending commitment from HD Bank in Vietnam whereby 
the bank has provided the Group with an in principle commitment letter initially focussed on providing debt 
ﬁnance for 50% of the capital spend commitment for the ten locations in the pilot stage of the previously 
announced 50MW MOU with Mobile World Investment Corporation to install rooftop solar systems across 
their portfolio.
Management have prepared a consolidated cash ﬂow forecast for the period to 31 December 2025 which 
shows that the Group will require additional equity ﬁnancing to meet its obligations and intended work 
renewables work programme in Asia during this period. The Group is actively pursuing a signiﬁcant fundraise 
and the directors have a reasonable expectation that sufﬁcient funds can be raised on equity markets to 
provide this liquidity, although the ability to raise sufﬁcient capital is not guaranteed. 
Based on the above, the Directors consider it appropriate to continue to adopt the going concern basis of 
accounting in preparing the Group and Company ﬁnancial statements for the year ended 31 December 
2023. Should the Group and Company 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 which might 
arise and to classify ﬁxed assets as current. The auditors make reference to a material uncertainty in relation to 
going concern within their audit report.
(d) Foreign currency transactions
The consolidated ﬁnancial statements of the Group are presented in United States Dollars (“USD” or “US$”), 
rounded to the nearest US$1,000. 
The functional currency of the Company and all UK domiciled subsidiaries is British Pounds Sterling (“GBP” 
or “£”). The Group’s subsidiaries domiciled in Singapore have a functional currency of USD. The Group’s 
subsidiaries domiciled in the Philippines have a functional currency of Philippines Pesos (“PHP”). The Group’s 
subsidiaries domiciled in Vietnam have a functional currency of Vietnamese Dong (“VND”). 
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing 
at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such 
transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated 
in foreign currencies are recognised in proﬁt or loss as ﬁnance income or expense. Non-monetary assets and 
liabilities denominated in foreign currencies are translated at the date of transaction and not retranslated.
The results and ﬁnancial position of Group companies that have a functional currency different from the 
presentation currency are translated into the presentation currency as follows:
• 
Assets and liabilities are translated at the closing rate;
• 
Income and expenses are translated at average rates; and
• 
 Equity balances are not retranslated. All resulting exchange differences are recognised in other 
comprehensive income.
(e) Use of estimates and judgements
The preparation of the ﬁnancial statements requires management to make judgments regarding the 
application of the Group’s accounting policies, and to use accounting estimates that impact the reported 
amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
This note sets out the estimates and judgements taken by management that are deemed to have a higher 
risk of causing a material adjustment to the reported carrying amounts of assets and liabilities in future years.
Notes to the Financial Statements
For the year ended 31 December 2023 continued

 Annual Report and Accounts for the year ended 31 December 2023 
53
Stock code: CORO
FINANCIAL STATEMENTS
Note 2: Basis of Preparation continued
(i) Key accounting judgements
Accounting for investment in ion Ventures Holdings Limited
In November 2020, the Group acquired a 20.3% shareholding in ion Ventures Holdings Limited (“IVHL”) 
in exchange for cash consideration of £500k (US$682k). IVHL was founded in the UK in 2018 to exploit 
opportunities that arise from the increasing complexity of energy systems, the shift to distributed generation 
and more localised networks, and the need for ﬂexible and responsive solutions. 
Under IFRS, the accounting for an interest in another entity depends on the level of inﬂuence held over the 
investee by the investor. Management have concluded that IVHL is an associate of the Group, due to Coro 
exercising “signiﬁcant inﬂuence” over IVHL. With reference to the factors outlined in IAS 28 Investments in 
Associates and Joint Ventures, we concluded that signiﬁcant inﬂuence arises as a result of:
• 
 20.3% shareholding in IVHL, which is above the 20% threshold at which signiﬁcant inﬂuence is presumed to 
exist under IFRS (though this presumption can be rebutted);
• 
Right to appoint one director (of ﬁve) to the Board of Directors of IVHL; and
• 
 Ability to exercise reserved powers under a Shareholder Agreement to participate in the key strategic and 
operational decisions of the investee, such as approval of annual budgets. 
Associates are accounted for using the equity method, which is described further in note 3a. The investment 
in IVHL was accounted for as such until its disposal on 23 August 2023.
Accounting for investment in Coro Renewables VN1 Joint Stock Company
At the reporting date the Group owned 85% of Coro Renewables VN1 Joint Stock Company (“CRV1”), which 
owns 100% of Coro Renewables VN2 Company Limited, which in turn owns 100% of Coro Renewables Vietnam 
Company Limited (“CRVCL”). The non-controlling shareholder of CRV1 is Vinh Phuc Energy JSC (“VPE”). CRVCL 
operates the Group’s electricity generating operation in Vietnam.
Under IFRS, the accounting for an interest in another entity depends on the level of inﬂuence held over 
the investee by the investor. Management have concluded that CRV1 is an indirectly held subsidiary of the 
Company, due to the Company controlling more than half of the voting rights. With reference to the factors 
outlined in IAS 27 Consolidated and Separate Financial Statements, we concluded that there was no change 
to Management's conclusion.
• 
There is no agreement with VPE giving them control of the joint venture;
• 
There is no statute or agreement ceding control to any other party; and
• 
VPE does not have the power to appoint or remove the majority of the Board of Directors.
100% of the transactions relating to CRV1 and its subsidiary undertakings have been recorded in these 
consolidated ﬁnancial statements and the Group has recognised the appropriate non-controlling interest.
Share options and warrants
The Black-Scholes model is used to calculate the fair value of the share options and warrants. The use of this 
model to calculate the charge involves a number of estimates and judgements to establish the appropriate 
inputs to be entered into the model, covering areas such as the use of an appropriate interest rate and 
dividend rate, exercise restrictions and behavioural considerations. A signiﬁcant element of judgement is 
therefore involved in the calculation of the charge.
(ii) Key accounting estimates
Estimate of gas reserves and resources
The disclosed amount of the Group’s gas reserves and resources impacts a number of accounting estimates in 
the ﬁnancial statements including future cash ﬂows used in asset impairment reviews, see note 13. 
The Group employs staff with the appropriate knowledge, skills and experience to estimate reserves quantities. 
Periodically, the Group’s reserves calculations are also subject to independent third-party certiﬁcation by a 
competent person. 
Gas reserves and resources are disclosed in the Operational Report on page 10.

54 
Coro Energy plc
www.coroenergyplc.com
Note 2: Basis of Preparation continued
Assessment of indicators of impairment of intangible assets (note 13)
The Group’s intangible assets consist of exploration and evaluation assets, comprising assets related to 
the Duyung PSC , and development assets and goodwill comprising assets related to Coro Clean Energy 
Philippines. 
Exploration and evaluation assets are assessed for indicators of impairment under IFRS 6 Exploration for, 
and evaluation of, mineral resources. Based on estimates as at 31 December 2023, there was $Nil write-off 
(2022: $Nil).
The Group acquired its 15% interest in the Duyung PSC in April 2019 and participated in a 2-well drilling 
campaign in 2019 that successfully appraised Mako gas ﬁeld. 
During 2022 the Operator of Mako ﬁeld commissioned Gaffney, Cline and Associates (“GCA”) to perform an 
updated independent resource audit for the Mako gas ﬁeld as at 31 July 2022. In March 2024 the Operator 
received an update report of reserves and resources as at 31 December 2023. The update report assessed 
that 2C (contingent) recoverable resource estimates are 392 Bcf (gross) (2022 resource audit: 437 Bcf (gross)), 
and in the upside case, the 3C (contingent) resources are 591 Bcf (gross) (2022: 779 Bcf (gross)). The reduction 
in resource volumes pertain to revised Final Investment Decision timing and the delay in the startup of 
production from the Mako ﬁeld until mid-2026. Despite the reduction in resources, the results of this 
independent resource update supports management’s view on the potential to develop the Mako ﬁeld.
As a result of the resource conﬁrmation, which was incorporated into our own updated economic modelling 
for Duyung, no impairment indicators were noted. 
Development assets and goodwill are assessed for indicators of impairment under IAS 36 Impairment of 
Assets. Based on the estimates at 31 December 2023, there was $Nil write-off (2022: $Nil).
During 2023 two 100MW onshore wind projects, which already have approved Wind Energy Service Contracts 
("WESCs"); a 100MW onshore solar project where an application for a service contract is expected shortly; and 
one further 100MW onshore wind project. The Philippines portfolio is therefore currently a total of 400MW 
with all four projects being co-located, sharing a grid connection and beneﬁting from the 130 metre high 
meteorological ("met") mast which is collecting bankable data that will cover all three wind projects. As such 
no impairment indicators were noted.
Disposals of investment in Coro Europe Limited (“CEL”) and ion Ventures Holdings Limited (“IVHL”)
The Group disposed of its entire shareholding in IVHL on 23 August 2023 and of its entire shareholding in CEL 
on 8 November 2023. In calculating the proﬁt on disposal the Group must recognise the results of operations 
of the investees up to the date of completion of the sale in the statement of Comprehensive Income. The most 
recent ﬁnancial information that was available as at the respective completion dates were:
CEL: 
30 September 2023
IVHL:  
30 June 2023
The Group has estimated the ﬁnancial results between these dates and the completion dates of the 
transactions and do not consider this to affect the results disclosed in these consolidated ﬁnancial statements 
in any material respect.
Company only – impairment assessment for investment in subsidiaries, including loans and receivables 
(notes 13, 15 and 20)
The Company in applying the expected credit loss (“ECL”) model under IFRS 9 must make assumptions when 
implementing the forward-looking ECL model. This model is required to assess its investments and loans 
receivable in subsidiaries for impairment at each reporting date. 
Estimations were made regarding the credit risk of the counterparty and the underlying probability of 
default in each of the credit loss scenarios. The scenarios identiﬁed by management included Production, 
Divestment, Fire-sale and Failure. These scenarios considered technical data, necessary licences to be 
awarded, the Company’s ability to raise ﬁnance, and ability to sell the project. The Directors make judgements 
on the expected likelihood and outcome of each of the above scenarios, and these expected values are 
applied to the loan balances.
Notes to the Financial Statements
For the year ended 31 December 2023 continued

 Annual Report and Accounts for the year ended 31 December 2023 
55
Stock code: CORO
FINANCIAL STATEMENTS
Note 2: Basis of Preparation continued
The Company’s main assets are its interest in the Duyung PSC, held by Coro Energy Duyung (Singapore) Pte 
Ltd (“CEDSPL”) and its investment in the solar pilot project in Vietnam, held by Coro Renewables Vietnam 
Company Limited (CRVCL”). As such, the recoverability of investments in subsidiaries depends on the 
Company’s assessment of indicators of impairment of the underlying assets recorded within its subsidiaries. 
As noted above, and in note 13, the Company identiﬁed no indicators of impairment for its 15% interest in 
the Duyung PSC and, accordingly, the Company’s investment in CEDSPL (held indirectly) is deemed to be 
recoverable in full. 
The Company performed an impairment tests on its solar pilot project in Vietnam and found that the 
recoverable value in use exceeds the net book value, accordingly, the Company’s investment in CRVCL (held 
indirectly) and receivables from CRVCL is deemed to be recoverable in full.
Note 3: Signiﬁcant Accounting Policies
(a) Principles of consolidation
(i) Subsidiaries
The consolidated ﬁnancial statements include the results of Coro Energy plc and its subsidiary undertakings 
made up to the same accounting date. Subsidiaries are entities controlled by the Group. The Group controls 
an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has 
the ability to affect those returns through its power over the entity. The ﬁnancial statements of subsidiaries are 
included in the consolidated ﬁnancial statements from the date that control commences until the date that 
control ceases. The accounting policies of subsidiaries have been changed when necessary to align them with 
the policies adopted by the Group. All intra-group balances, transactions, income and expenses are eliminated 
in full on consolidation.
(ii) Interests in other entities
The Group classiﬁes its interests in other entities based on the level of control exercised by the Group over the 
entity. 
Associates
Associates are all entities over which the Group has signiﬁcant inﬂuence but not control or joint control. 
This is generally the case where the Group holds between 20% and 50% of the voting rights. Investments in 
associates are accounted for using the equity method of accounting.
Under the equity method of accounting, the investments are initially recognised at cost, including any directly 
attributable transaction costs, and adjusted thereafter to recognise the Group’s share of the post-acquisition 
proﬁts or losses of the investee in proﬁt or loss. The Group’s share of movements in other comprehensive 
income of the investee are recognised in other comprehensive income. Dividends received or receivable from 
associates and joint ventures are recognised as a reduction in the carrying amount of the investment. 
Where the Group’s share of losses in an equity-accounted investment equals or exceeds its interest in the 
entity, the Group does not recognise further losses, unless it has incurred obligations or made payments on 
behalf of the other entity. 
Unrealised gains on transactions between the Group and its associates are eliminated to the extent of 
the Group’s interest in these entities. Unrealised losses are also eliminated unless the transaction provides 
evidence of an impairment of the asset transferred. Accounting policies of equity-accounted investees have 
been changed where necessary to ensure consistency with the policies adopted by the Group. 
The carrying amount of equity-accounted investments is tested for impairment at least annually. 
Other investments
In a situation where the Group has direct contractual rights to the assets, and obligations for the liabilities, 
of an entity but does not share joint control, the Group accounts for its interest in those assets, liabilities, 
revenues and expenses in accordance with the accounting standards applicable to the underlying line item. 
This is analogous to the “joint operator” method of accounting outlined in IFRS 11 Joint arrangements. 

56 
Coro Energy plc
www.coroenergyplc.com
Note 3: Signiﬁcant Accounting Policies continued
(b) Taxation
Income tax expense or credit for the period is the tax payable on the current period’s taxable income, based 
on the applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and 
liabilities attributable to temporary differences and to unused tax losses.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or 
substantially enacted at the date of the statement of ﬁnancial position, and any adjustment to tax payable in 
respect of previous years.
Deferred tax is provided using the balance sheet liability method, providing for temporary differences 
between the carrying amounts of assets and liabilities for ﬁnancial reporting purposes and the amounts 
used for taxation purposes. The following temporary differences are not provided for the initial recognition of 
assets or liabilities that affect neither accounting nor taxable proﬁt, and differences relating to investments 
in subsidiaries to the extent that the Group is able to control the timing of the reversal of the temporary 
difference and it is probable that they will not reverse in the foreseeable future. The amount of deferred tax 
provided is based on the expected manner of realisation or settlement of the carrying amount of assets and 
liabilities using tax rates enacted at the date of the statement of ﬁnancial position.
A deferred tax asset is recognised only to the extent that it is probable that future taxable proﬁts will be 
available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no 
longer probable that the related tax beneﬁt will be realised.
Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets 
and liabilities and where the deferred tax balances relate to the same taxation authority. Current tax assets 
and liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on 
a net basis, or to realise the asset and settle the liability simultaneously.
(c) Property, plant and equipment
(i) Recognition and measurement
Property, plant and equipment comprises the Group’s tangible oil and gas assets, solar equipment as well as 
ofﬁce furniture and equipment. Items of property, plant and equipment are recorded at cost less accumulated 
depreciation, accumulated impairment losses and pre-commissioning revenue and expenses. Cost includes 
expenditure that is directly attributable to acquisition of the asset.
Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the 
proceeds from disposal with the carrying amount of property, plant and equipment, and are recognised 
within “other income” in proﬁt or loss.
(ii) Subsequent expenditure
Subsequent expenditure is capitalised only if it is probable that the future economic beneﬁts associated with 
expenditure will ﬂow to the Group.
(iii) Depreciation
Oil and gas assets
Oil and gas assets includes gas production facilities and the accumulation of all exploration, evaluation, 
development and acquisition costs in relation to areas of interest in which production licences have been 
granted and the related project has moved to the production phase.
Amortisation of oil and gas assets is calculated on the units-of-production (“UOP”) basis, and is based on 
Proved and Probable reserves. The use of the UOP method results in an amortisation charge proportional 
to the depletion of economically recoverable reserves. Amortisation commences when commercial levels of 
production are achieved from a ﬁeld or licence area.
The useful life of oil and gas assets, which is assessed at least annually, has regard to both its physical 
life limitations and present assessments of economically recoverable reserves of the ﬁeld at which the 
asset is located. These calculations require the use of estimates and assumptions, including the amount 
of recoverable reserves and estimates of future capital expenditure. The calculation of the UOP rate of 
depreciation/amortisation will be impacted to the extent that actual production in the future is different from 
current forecast production based on total proved reserves, or future capital expenditure estimates change.
Notes to the Financial Statements
For the year ended 31 December 2023 continued

 Annual Report and Accounts for the year ended 31 December 2023 
57
Stock code: CORO
FINANCIAL STATEMENTS
Note 3: Signiﬁcant Accounting Policies continued
Changes to recoverable reserves could arise due to changes in the factors or assumptions used in estimating 
reserves, including:
• 
The effect of changes in commodity price assumptions; or
• 
Unforeseen operational issues that impact expected recovery of hydrocarbons.
Assets designated as held for sale, or included in a disposal group held for sale, are not depreciated.
Other property, plant and equipment
Depreciation is recognised in proﬁt or loss on a straight-line basis over the estimated useful lives of each part 
of an item of property, plant and equipment. The depreciation will commence when the asset is installed 
ready for use.
The estimated useful lives of each class of asset fall within the following ranges:
Solar equipment  
 
 
8 – 25 years
Ofﬁce furniture and equipment  
3–5 years
The residual value, the useful life and the depreciation method applied to an asset are reviewed at each 
reporting date.
(iv) Impairment
The Group assesses at each reporting date whether there is an indication that an asset (or Cash Generating 
Unit - “CGU”) may be impaired. For oil and gas assets, management has assessed its CGUs as being an 
individual ﬁeld, which is the lowest level for which cash inﬂows are largely independent of those of other 
assets. For Solar equipment, management has assessed its CGUs as being individual solar arrays including 
inverters. If any indication exists, or when annual impairment testing for an asset is required, the Group 
estimates the asset’s or CGU’s recoverable amount. The recoverable amount is the higher of an asset’s or 
CGU’s fair value less costs of disposal (“FVLCD”) and value in use (“VIU”). Where the carrying amount of an 
asset or CGU exceeds its recoverable amount, the asset/CGU is considered impaired and is written down to its 
recoverable amount.
The Group bases its impairment calculation on detailed budgets and forecasts, which are prepared separately 
for each of the Group’s CGUs to which the individual assets are allocated. These budgets and forecasts 
generally cover the forecasted life of the CGUs. VIU does not reﬂect future cash ﬂows associated with 
improving or enhancing an asset’s performance.
For assets/CGUs, an assessment is made at each reporting date to determine whether there is an indication 
that previously recognised impairment losses may no longer exist or may have decreased. If such indication 
exists, the Group estimates the asset’s or CGU’s recoverable amount. A previously recognised impairment 
loss is reversed only if there has been a change in the assumptions used to determine the asset’s/CGU’s 
recoverable amount since the last impairment loss was recognised. The reversal is limited so that the carrying 
amount of the asset/CGU does not exceed either its recoverable amount, or the carrying amount that would 
have been determined, net of depreciation/amortisation, had no impairment loss been recognised for the 
asset/CGU in prior years. Such a reversal is recognised in the income statement.
(d) Intangible assets
(i) Exploration and evaluation assets
Exploration and evaluation assets are carried at cost less accumulated impairment losses in the statement of 
ﬁnancial position. Exploration and evaluation assets include the cost of oil and gas licences, and subsequent 
exploration and evaluation expenditure incurred in an area of interest.
Exploration and evaluation assets are not depreciated. When the commercial and technical feasibility of an 
area of interest is proved, capitalised costs in relation to that area of interest are transferred to property, plant 
and equipment (oil and gas assets) and depreciation commences in line with the depreciation policy outlined 
above.

58 
Coro Energy plc
www.coroenergyplc.com
Note 3: Signiﬁcant Accounting Policies continued
Exploration and evaluation assets are assessed for impairment if sufﬁcient data exists to determine technical 
feasibility and commercial viability or facts and circumstances suggest that the carrying value amount 
exceeds the recoverable amount.
Exploration and evaluation assets are tested for impairment when any of the following facts and 
circumstances exist:
• 
 the term of the exploration licence in the speciﬁc area of interest has expired during the reporting period 
or will expire in the near future, and is not expected to be renewed;
• 
 substantive expenditure on further exploration for an evaluation of mineral resources in the speciﬁc area is 
not budgeted nor planned;
• 
 exploration for and evaluation of mineral resources in the speciﬁc area have not led to the discovery of 
commercially viable quantities of mineral resources and the decision was made to discontinue such 
activities in the speciﬁc area; or
• 
 sufﬁcient data exists to indicate that, although a development in the speciﬁc area is likely to proceed, the 
carrying amount of the exploration and evaluation asset is unlikely to be recovered in full from successful 
development or by sale.
Areas of interest that no longer satisfy the above policy are considered to be impaired and are measured at 
their recoverable amount, with any subsequent impairment loss recognised in the proﬁt and loss.
(ii) Software
Costs for acquisition of software, including directly attributable costs of implementation, are capitalised as 
intangible assets and amortised over their expected useful life (currently ﬁve years).
(iii) Goodwill
Goodwill arising from business combinations is included in intangible assets.
Goodwill is not amortised but it is tested for impairment annually, or more frequently if events or changes in 
circumstances indicate that it might be impaired, and is carried at cost less accumulated impairment losses.
Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made 
to those cash-generating units or groups of cash-generating units that are expected to beneﬁt from the 
business combination in which the goodwill arose.
(iv) Research and Development 
Development costs that are directly attributable to the design and development of identiﬁable and unique 
projects controlled by the Group are recognised as intangible assets when the following criteria are met: 
• 
It is technically feasible to complete the project; 
• 
Management intends to complete the project; 
• 
There is sufﬁcient certainty that contractual rights, planning and permitting will be agreed;
• 
It can be demonstrated how the project will generate probable future economic beneﬁts; 
• 
Adequate technical, ﬁnancial and other resources to complete the project are available; and 
• 
The expenditure attributable to the project can be reliably measured.
Other development expenditures that do not meet these criteria are recognised as an expense as incurred.
(e) Inventory
Inventory is comprised of drilling equipment and spares and is carried at the lower of cost and net realisable 
value. Any impairment on value is taken to the income statement.
Notes to the Financial Statements
For the year ended 31 December 2023 continued

 Annual Report and Accounts for the year ended 31 December 2023 
59
Stock code: CORO
FINANCIAL STATEMENTS
Note 3: Signiﬁcant Accounting Policies continued
(f) Non-current assets (or disposal groups) held for sale and discontinued operations
Non-current assets (or disposal groups) are classiﬁed as held for sale if their carrying amount will be recovered 
principally through a sale transaction rather than through continuing use, they are available for sale in their 
present condition, they are being actively marketed, and a sale is considered highly probable. These conditions 
must be continuing for the assets to continue to be classiﬁed as held for sale.
Disposal groups are measured at the lower of their carrying amount and fair value less costs to sell, except 
for certain assets such as deferred tax assets, which are speciﬁcally exempt from this requirement. An 
impairment loss is recognised for any initial or subsequent write-down of the asset (or disposal group) to fair 
value less costs to sell. A gain is recognised for any subsequent increases in fair value less costs to sell of an 
asset (or disposal group), but not in excess of any cumulative impairment loss previously recognised. A gain or 
loss not previously recognised by the date of the sale of the non-current asset (or disposal group) is recognised 
at the date of derecognition.
Non-current assets (including those that are part of a disposal group) are not depreciated or amortised while 
they are classiﬁed as held for sale. Interest and other expenses attributable to the liabilities of a disposal group 
classiﬁed as held for sale continue to be recognised.
Non-current assets classiﬁed as held for sale and the assets of a disposal group classiﬁed as held for sale are 
presented separately from the other assets in the balance sheet. The liabilities of a disposal group classiﬁed as 
held for sale are presented separately from other liabilities in the balance sheet.
A discontinued operation is a component of the entity that has been disposed of or is classiﬁed as held for sale 
and that represents a separate major line of business or geographical area of operations, is part of a single co-
ordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively 
with a view to resale. The results of discontinued operations are presented separately in the statement of proﬁt 
or loss.
(g) Investments and ﬁnancial assets
(i) Classiﬁcation
The Group classiﬁes its ﬁnancial assets in the following measurement categories:
• 
 those to be measured subsequently at fair value (either through other comprehensive income or through 
proﬁt or loss); and
• 
those to be measured at amortised cost.
The classiﬁcation depends on the entity’s business model for managing the ﬁnancial assets and the 
contractual terms of the cash ﬂows.
(ii) Recognition and measurement
A ﬁnancial asset is recognised if the Group becomes a party to the contractual provisions of the instrument. 
Financial assets are derecognised if the Group’s contractual rights to the cash ﬂows from the ﬁnancial assets 
expire or if the Group transfers the ﬁnancial asset to another party without retaining control or substantially all 
risks and rewards of the asset. Regular way purchases and sales of ﬁnancial assets are accounted for at trade 
date, i.e. the date the Group commits itself to purchase or sell the asset.
At initial recognition, the Group measures a ﬁnancial asset at its fair value plus, in the case of a ﬁnancial 
asset not at fair value through proﬁt or loss (“FVTPL”), transaction costs that are directly attributable to the 
acquisition of the ﬁnancial asset. Transaction costs of ﬁnancial assets carried at FVTPL are expensed in proﬁt 
or loss.
Subsequent measurement of debt instruments depends on the Group’s business model for managing the 
asset and the cash ﬂow characteristics of the asset. Currently, the Group’s ﬁnancial assets are all held for 
collection of contractual cash ﬂows, which are solely payments of principal and interest. Accordingly, the 
Group’s ﬁnancial assets are measured subsequent to initial recognition at amortised cost.
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on 
demand and form an integral part of the Group’s cash management are included as a component of cash 
and cash equivalents for the purpose of the statement of cash ﬂows.

60 
Coro Energy plc
www.coroenergyplc.com
Note 3: Signiﬁcant Accounting Policies continued
(iii) Impairment
On a forward-looking basis, the Group estimates the expected credit losses associated with its receivables and 
other ﬁnancial assets carried at amortised cost, and records a loss allowance for these expected losses.
(iv) Investment in subsidiaries
In the Company balance sheet, investments in subsidiaries are carried at cost less accumulated impairment.
(h) Rehabilitation provision
Rehabilitation obligations arise when the Group disturbs the natural environment where its oil and gas assets 
are located and is required by local laws/regulations to restore these sites.
Full provision for these obligations is made based on the present value of the estimated costs to be incurred 
in dismantling infrastructure, plugging and abandoning wells and restoring sites to their original condition. 
Changes to future cost estimates are capitalised and recorded in property, plant and equipment (oil and gas 
assets) as rehabilitation assets, unless the carrying value of these assets is not supportable, in which case 
changes to rehabilitation provisions are recorded directly in the income statement. Future cost estimates are 
inﬂated to the expected year of rehabilitation activity and discounted to present value using a market rate of 
interest that is deemed to approximate the time value of money.
The estimated costs of rehabilitation are reviewed annually and adjusted against the relevant rehabilitation 
asset or in the income statement, as appropriate. Annual increases in the provision relating to the unwind of 
the discount rate are accounted for in the income statement as a ﬁnance expense.
(i) Other provisions
Other provisions are measured at the present value of management’s best estimate of the expenditure 
required to settle the present obligation at the end of the reporting period. The provisions are discounted to 
present value using a market rate of interest that is deemed to approximate the time value of money. The 
increase in the provision due to the passage of time is recognised as interest expense.
(ii) Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred, and subsequently measured 
at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption 
amount is recognised in proﬁt or loss over the period of the borrowings using the effective interest method. 
Loan fees paid on the establishment of loan facilities are recognised as transaction costs of the loan and 
amortised over the life of the borrowings.
Borrowings are classiﬁed as current liabilities unless the Group has an unconditional right to defer settlement 
of the liability for at least 12 months after the reporting period.
(j) Trade and other payables
Trade and other payables represent liabilities for goods and services provided to the Group prior to the end 
of the ﬁnancial year that are unpaid. The amounts are unsecured and are usually paid within 30 days of the 
invoice date. Trade and other payables are presented as current liabilities unless payment is not due within 12 
months after the reporting period. They are recognised initially at their fair value and subsequently measured 
at amortised cost using the effective interest method.
(k) Share capital
Ordinary Shares are classiﬁed as equity. Incremental costs directly attributable to issue of shares are 
recognised as a deduction from equity, net of any tax effects.
(l) Share-based payments
Share-based payments relate to transactions where the Group receives services from employees or service 
providers and the terms of the arrangements include payment of a part or whole of consideration by issuing 
equity instruments to the counterparty. The Group measures the services received from non-employees, and 
the corresponding increase in equity, at the fair value of the goods or services received. When the transactions 
are with employees, the fair value is measured by reference to the fair value of the share based payments. 
The expense is recognised over the vesting period, which is the period over which all of the speciﬁed vesting 
conditions are to be satisﬁed.
Notes to the Financial Statements
For the year ended 31 December 2023 continued

 Annual Report and Accounts for the year ended 31 December 2023 
61
Stock code: CORO
FINANCIAL STATEMENTS
Note 3: Signiﬁcant Accounting Policies continued
(m) Revenue
Under IFRS 15 Revenue from Contracts with Customers, there is a ﬁve-step approach to revenue recognition:
Step 1: Identify the contract(s) with a customer;
Step 2: Identify the performance obligations in the contract;
Step 3: Determine the transaction price;
Step 4: Allocate the transaction price to the performance obligations in the contract; and
Step 5: Recognise revenue when (or as) the entity satisﬁes a performance obligation.
The Group has two revenue streams, being the sale of gas (recorded within proﬁt from discontinued 
operations), and the sale electricity from a solar project. Gas is sold to wholesale customers under gas supply 
agreements, which have different volume and price speciﬁcations (both ﬁxed and variable). Gas sales revenue 
is recognised when control of the gas passes at the delivery point into the local gas pipeline network, which 
is the only performance obligation. Electricity is sold to an industrial customer under a power purchase 
agreement. Revenue is recognised based on actual produced electricity, which is the only performance 
obligation, at contractual rates. Revenue is presented net of value added tax (“VAT”), rebates and discounts 
and after eliminating intra-group sales. 
Right-of-use assets are measured at cost which comprises the following:
• 
The amount of the initial measurement of the lease liability;
• 
Any lease payments made at or before the commencement date less any lease incentives received;
• 
Any initial direct costs; and
• 
Restoration costs.
Right-of-use assets are generally depreciated over the shorter of the asset’s useful life and the lease term on 
a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is 
depreciated over the underlying asset’s useful life.
Payments associated with short-term leases (term less than 12 months) and all leases of low-value assets 
(generally less than US$5k) are recognised on a straight-line basis as an expense in proﬁt or loss.
(n) Changes to accounting policies, disclosures, standards and interpretations
(i) New and amended standards adopted by the Group
The following new standards, amendments and interpretations are effective for the ﬁrst time in these ﬁnancial 
statements. However, none has had a material impact on the ﬁnancial statements:
Standard
Effective date
IFRS 17 Insurance Contracts
1 January 2023
Disclosure of Accounting Policies (Amendments to IAS 1 Presentation of Financial Statements and 
IFRS Practice Statement 2 Making Materiality Judgements)
1 January 2023
Definition of Accounting Estimates (Amendments to IAS 8 Accounting Policies, Changes in 
Accounting Estimates and Errors)
1 January 2023
Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 
12 Income Taxes)
International Tax Reform – Pillar Two Model Rules (Amendment to IAS 12 Income Taxes) (effective 
immediately upon the issue of the amendments and retrospectively)
1 January 2023
(ii) New standards not yet adopted
There are no new International Financial Reporting Standards and Interpretations issued but not effective for 
the reporting period ending 31 December 2023 that will materially impact the Group.
Standard
Effective date
IAS 1 amendments - Non-current Liabilities with Covenants; and Classification of Liabilities as 
Current or Non-current
1 January 2024

62 
Coro Energy plc
www.coroenergyplc.com
Note 4: 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 Italy, upstream gas and renewables operations in South 
East Asia, and the corporate head ofﬁce in the United Kingdom. This reﬂects the way information is presented 
to the Board of Directors. Results from the Group’s Italian business are classiﬁed as a discontinued operation. 
See note 19.
Italy
Asia
UK
Total
31 Dec
2023
US$’000
31 Dec
2022
US$’000
31 Dec
2023
US$’000
31 Dec
2022
US$’000
31 Dec
2023
US$’000
31 Dec
2022
US$’000
31 Dec
2023
US$’000
31 Dec
2022
US$’000
Revenue
–
–
235
51
–
–
235
51
Depreciation and amortisation
–
– 
(78)
(21)
(10)
(15)
(88)
(36)
Interest expense
–
–
–
–
(3,508)
(3,584)
(3,508)
(3,584)
Share of loss of associates
–
–
–
–
(49)
(82)
(49)
(82)
Segment profit/(loss) before  
tax from continuing operations
–
– 
(599)
(662)
(4,448)
(7,525)
5,047
(8,187)
Segment profit/(loss) before 
tax from discontinued 
operations
6,738
(2,642)
–
–
–
–
6,738
2,642
Italy
Asia
UK
Total
31 Dec
2023
US$’000
31 Dec
2022
US$’000
31 Dec
2023
US$’000
31 Dec
2022
US$’000
31 Dec
2023
US$’000
31 Dec
2022
US$’000
31 Dec
2023
US$’000
31 Dec
2022
US$’000
Segment assets
–
9,710
21,587
20,129
3,283
1,293
24,870
31,132
Segment liabilities
–
(9,548)
(152)
(182)
(31,835)
(28,715)
(31,987)
(38,445)
Note 5: General and Administrative Expenses
31 December
2023
US$’000
31 December
2022
US$’000
Employee benefits expense (note 6)
1,242
1,401
Business development
640
650
Corporate and compliance costs
508
667
Investor and public relations
99
223
G&A – Duyung venture
314
275
Other G&A
197
162
Share-based payments (note 22)
303
196
3,303
3,574
Auditor’s remuneration
Services provided by the Group’s auditor and its associates
During the year, the Group (including its overseas subsidiaries) obtained the following services from the 
Company’s auditor and its associates:
31 December
2022
US$’000
31 December
2021
US$’000
Fees payable to the Company’s auditor for the audit of the Parent Company and 
consolidated financial statements
69 
49
Notes to the Financial Statements
For the year ended 31 December 2023 continued

 Annual Report and Accounts for the year ended 31 December 2023 
63
Stock code: CORO
FINANCIAL STATEMENTS
Note 6: Staff Costs and Directors’ Emoluments
Group
Staff costs
31 December
2023
US$’000
31 December
2022
US$’000
Wages and salaries 
435
436
Contracted staff
116
–
Pensions and other benefits
24
50
Social security costs
61
59
Share-based payments (note 22)
80
51
Total employee benefits
716
596
Average number of employees from continuing operations (excluding Directors)
3
4
Group
Directors' emoluments
31 December
2023
US$’000
31 December
2022
US$’000
Wages and salaries 
537
776
Pensions and other benefits
–
5
Social security costs
69
100
Share-based payments (note 22)
223
145
Total employee benefits
829
1,026
The highest paid Director received aggregate cash emoluments of US$359k (2022: US$403k) as disclosed in 
the Directors’ Remuneration Report on page 32.
Note 7: Finance Income/Expense
Group
Finance income
31 December
2023
US$’000
31 December
2022
US$’000
Interest income
1
–
Foreign exchange gain
1,044
636
Total finance income
1,045
636
Group
Finance expense
31 December
2023
US$’000
31 December
2022
US$’000
Other finance charges
4
–
Foreign exchange loss
737
1,907
Total finance expense
4,429
5,491

64 
Coro Energy plc
www.coroenergyplc.com
Note 8: Income Tax
Income tax
Group
31 December
2023
US$’000
31 December
2022
US$’000
Deferred tax
–
(583)
Current tax
–
(1,325)
Total tax expense
–
(1,908)
Income tax expense is attributable to:
Loss from discontinued operations
–
(1,908)
–
(1,908)
Numerical reconciliation of income tax result recognised in the statement of comprehensive income to tax 
beneﬁt/expense calculated at the Group’s statutory income tax rate is as follows: 
Group
31 December
2023
US$’000
31 December
2022
US$’000
Loss from continuing operations before tax
(5,047)
(8,187)
Profit from discontinued operations before tax
6,738
4,550
Total profit/(loss) before tax
1,691
(3,637)
Income tax (charge)/credit using the Group’s blended tax rate of 25.5% (2022: 12.7%)
(432)
462
Non-deductible expenses
(337)
(548)
Non-taxable income
1,771
607
Deferred tax expense
–
(583)
Prior year adjustment
(94)
(363)
Tax losses utilised
–
583
Special excess profit tax – Italy
–
(1,325)
Effect of subsidiary undertaking disposed
64
–
Current year losses and temporary differences for which no deferred tax asset  
was recognised
(972)
(741)
Income tax benefit/(expense) 
–
(1,908)
Deferred tax
Deferred tax assets (“DTA”) totalling US$674k were recorded within assets of the disposal group in the 
comparative period. No DTA in respect of carried forward tax losses has been recognised in respect of any 
Group company due to doubt about the availability of future proﬁts in these companies. Total unrecognised 
losses (gross) in respect of continuing operations are US$30m (2022: US$25m). Unrecognised losses (gross) 
relating to discontinued operations total US$Nil (2022: US$88m). 
Notes to the Financial Statements
For the year ended 31 December 2023 continued

 Annual Report and Accounts for the year ended 31 December 2023 
65
Stock code: CORO
FINANCIAL STATEMENTS
Note 9: Earnings per Share
Basic earnings per share is calculated by dividing the proﬁt attributable to equity holders of the Company by 
the weighted average number of ordinary shares in issue during the year.
31 December
2023
US$’000
31 December
2022
US$’000
Total loss for continuing operations for the year attributable to equity shareholders
(5,047)
(8,187)
Weighted average number of shares
2,613,849,015
2,170,773,822
Basic and diluted loss per share from continuing operations (US$)
(0.002)
(0.004)
Total profit for discontinued operations for the year attributable to equity shareholders
6,738
2,642
Basic earnings per share from discontinued operations (US$)
0.0025
0.001
Diluted earnings per share from discontinued operations (US$)
0.0024
0.001
Diluted loss per share from continuing operations for the current and comparative period is equivalent to 
basic loss per share since the effect of all dilutive potential Ordinary Shares is anti-dilutive. Diluted proﬁt per 
share from discontinued operations for the current and comparative period includes the potential dilutive 
effect of all share options and warrants that were “in the money” as at 31 December 2023, being 151,031,166 
options. The potential dilutive shares includes options issued to Directors and management (note 22). 
Note 10: Inventory
Group
31 December
2023
US$’000
31 December
2022
US$’000
Inventory – Duyung PSC
35 
34
35
34
Inventory represents the Group’s share of inventory held by the Duyung PSC, which is mainly comprised of 
drilling spares.

66 
Coro Energy plc
www.coroenergyplc.com
Note 11: Trade and Other Receivables
Group
31 December
2023
US$’000
31 December
2022
US$’000
Current:
Trade receivables
38
37
Indirect taxes receivable
180
103
Other receivables
1,133
18
Prepayments and accrued income
48
55
1,399
213 
Other receivables comprise mainly the residual proceeds receivable in relation to the sale of the Italian 
operations ($780,000) and IVHL ($346,000).
Company
31 December
2023
US$’000
31 December
2022
US$’000
Current:
Indirect taxes receivable
42
41
Other receivables
346
107
Intercompany receivables
3,759
3,022
Prepayments
43
34
4,190
3,204
Notes to the Financial Statements
For the year ended 31 December 2023 continued

 Annual Report and Accounts for the year ended 31 December 2023 
67
Stock code: CORO
FINANCIAL STATEMENTS
Note 12: Property, Plant and Equipment
Group
31 December
2023
US$’000
31 December
2022
US$’000
Office furniture and equipment
8
3
Solar assets
1,672
1,851
1,680
1,854
Reconciliation of the carrying amounts for each class of property, plant and equipment are set out below:
Group
31 December
2023
US$’000
31 December
2022
US$’000
Office furniture and equipment:
Carrying amount at beginning of year
3
10 
Additions
7
2
Depreciation expense
(3)
(8)
Effect of foreign exchange
1
(1)
Carrying amount at end of year
8
3
Group
31 December
2023
US$’000
31 December
2022
US$’000
Solar assets:
Carrying amount at beginning of year
1,851
– 
Additions
4
1,868
Reclassifications
(89)
–
Depreciation expense
(78)
(21)
Effect of foreign exchange
(16)
4
Carrying amount at end of year
1,672
1,851
Reclassiﬁcations relate to VAT recoverable in Vietnam that had previously been capitalised.
Company
31 December
2023
US$’000
31 December
2022
US$’000
Office furniture and equipment
7
3
7
3

68 
Coro Energy plc
www.coroenergyplc.com
Note 12: Property, Plant and Equipment continued
Reconciliation of the carrying amounts for each class of property, plant and equipment are set out below:
Company
31 December
2023
US$’000
31 December
2022
US$’000
Office furniture and equipment:
Carrying amount at beginning of year
3
10
Additions
7
2
Depreciation expense
(3)
(8)
Effect of foreign exchange
–
(1)
Carrying amount at end of year
7
3 
Note 13: Intangible Assets
Group
31 December
2023
US$’000
31 December
2022
US$’000
Exploration and evaluation assets
18,731
17,707
Intangible development assets
579
428
Goodwill
880
754
Software
–
7
20,190
18,896 
Reconciliation of the carrying amounts for each material class of intangible assets are set out below:
Group
31 December
2023
US$’000
31 December
2022
US$’000
Exploration and evaluation assets:
Carrying amount at beginning of year
17,707
17,540 
Reclassification to intangible development assets
–
(171)
Additions
1,024
338
Carrying amount at end of year
18,731
17,707 
Exploration and evaluation assets relate to the Group’s interest in the Duyung PSC. No indicators of 
impairment of these assets were noted. See note 2e.
Notes to the Financial Statements
For the year ended 31 December 2023 continued

 Annual Report and Accounts for the year ended 31 December 2023 
69
Stock code: CORO
FINANCIAL STATEMENTS
Note 13: Intangible Assets continued
Group
31 December
2023
US$’000
31 December
2022
US$’000
Intangible development assets:
Carrying amount at beginning of year
428
–
Reclassification from exploration and evaluation assets
–
171
Additions
138
257
Effect of foreign exchange
13
–
Carrying amount at end of year
579
428 
Intangible development assets comprise additions related to expenditure directly attributable to the design 
and development of identiﬁable and unique renewables projects controlled by the Group in the Philippines.
Group
31 December
2023
US$’000
31 December
2022
US$’000
Goodwill:
Carrying amount at beginning of year
754
754
Recognised on acquisition
144
–
Effect of foreign exchange
(18)
–
Carrying amount at end of year
880
754 
Goodwill acquired during the year relates to the acquisition of an additional 8% economic interest the Coro 
Clean Energy Philippines Inc.’s renewables operations in the Philippines. No impairment of goodwill was 
noted following testing performed at 31 December 2023.
Company
31 December
2023
US$’000
31 December
2022
US$’000
Software:
Carrying amount at beginning of year
7
15
Depreciation expense
(7)
(8)
Carrying amount at end of year
– 
7

70 
Coro Energy plc
www.coroenergyplc.com
Note 14: Interests In Other Entities
Duyung PSC
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”).
The Duyung PSC partners have entered into a Joint Operating Agreement (“JOA”), which governs the 
arrangement. Through the JOA, the Group has a direct right to the assets of the venture, and direct obligation 
for its liabilities. Accordingly, Coro 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.
The operator of the venture is West Natuna Exploration Ltd (“WNEL”). WNEL is a company incorporated in the 
British Virgin Islands and its principal place of business is Indonesia.
Coro Renewables VN1 Joint Stock Company
In October 2021, a binding shareholder agreement was signed with VPE and the Group acquired an 85% 
interest in the newly incorporated Vietnamese company, Coro Renewables VN1 Joint Stock Company, which 
owns 100% of Coro Renewables VN2 Company Limited, which in turn owns 100% of Coro Renewables Vietnam 
Company Limited.
Note 15: Trade and Other Payables
Group
31 December
2023
US$’000
31 December
2022
US$’000
Current
Trade payables
123
143
Other payables
40
78
Accrued expenses
243
416
Joint venture payables
254
182
660
819
Company
31 December
2023
US$’000
31 December
2022
US$’000
Current
Trade payables
109
265
Accrued expenses
209
414
Intercompany payables
–
55
318
734
During the year the Company settled in full its outstanding liability owing to Sound Energy plc (“Sound”) in 
relation to the sale of the Badile land and offsetting rehabilitation costs. As at the reporting date there was $Nil 
(2022: $92k) included within trade payables of the Company as a net payable Sound.
Notes to the Financial Statements
For the year ended 31 December 2023 continued

 Annual Report and Accounts for the year ended 31 December 2023 
71
Stock code: CORO
FINANCIAL STATEMENTS
Note 16: Borrowings
31 December
2023
US$’000
31 December
2022
US$’000
Current
Eurobond
31,327
–
31,327
–
Non-current
Eurobond
–
28,183
–
28,183 
In 2019, the Group issued €22.5m three-year Eurobonds with attached warrants to key institutional investors. 
The bonds were issued in two equal tranches A and B, ranking pari passu, with Tranche A paying a 5% cash 
coupon annually in arrears, and Tranche B accruing interest at 5% per annum payable on redemption. 
The Eurobonds were due to mature on 12 April 2022 at 100% of par value plus any accrued and unpaid coupon. 
Bond subscribers were issued with 41,357,500 warrants to subscribe for ten new Ordinary Shares in the 
Company at an exercise price of 4p per share at any time over the three-year term of the bonds. An additional 
6,000,000 warrants were issued to the ﬁrm subscriber Lombard Odier Asset Management (Europe) Limited 
and underwriter Pegasus Alternative Fund Ltd. All warrants related to the Eurobonds expired in April 2022 and 
none were exercised.
The bonds were initially recognised at fair value and subsequently are recorded at amortised cost, with an 
average effective interest rate of 18.10%. 
In March and April 2022 respectively, the tranche B Noteholders and Tranche A Noteholders approved the 
extension of the maturity of the bonds by two years to 12 April 2024 with an increase in the coupon to 10% 
accrued annually and payable in cash on redemption. In addition, the Company undertook to the Noteholders 
that in the event of a sale of the Company’s interest in the Duyung PSC to utilise the net cash proceeds of 
such disposal(s) to ﬁrst repay the capital and rolled up interest on the Notes and thereafter to distribute 20% of 
remaining net proceed(s) to Noteholders. The remaining net proceeds of any sales would be retained and/or 
distributed to shareholders by the Company.
The restructured bonds were initially recognised at fair value and subsequently are recorded at amortised 
cost, with an average effective interest rate of 12.10%. The contingent payment upon the sale of the Company’s 
interest in the Duyung PSC has not been considered in the estimate of the effective interest rate as it meets the 
deﬁnition of a contingent liability (note 23).
Since the interest quarter expiring on 12 July 2022, Noteholders had the option to demand quarterly interest 
payments in newly issued ordinary shares of the Company. This election was made for the quarters ended 
12 January 2023 and 12 April 2023 (2022: election was made for the quarter ended 12 October 2022) and the 
quarterly interest was settled in shares (note 17). After this date shareholder approval for the issuance of further 
shares in the Company as satisfaction of interest charges expired and all interest accrued since this date 
remains accrued and unpaid and included in the balance above.

72 
Coro Energy plc
www.coroenergyplc.com
Note 16: Borrowings continued
Net debt reconciliation
An analysis of net debt and the movements in net debt for each of the years presented is shown below:
Group
31 December
2023
US$’000
31 December
2022
US$’000
Cash and cash equivalents
1,095
166
Borrowings
(31,327)
(28,183)
Net debt
(30,232)
(28,017)
Cash and cash
equivalents
US$’000
Borrowings
US$’000
Total
US$’000
Net debt as at 1 January 2022
3,334
(26,637)
(23,303)
Cashflows
(3,193)
–
(3,193)
Eurobond amortisation
–
(2,832)
(2,832)
Effects of foreign exchange
25
1,286
1,311
Net debt as at 31 December 2022
166
(28,183)
(28,017)
Cashflows
980
–
980
Eurobond amortisation
–
(2,107)
(2,107)
Effects of foreign exchange
(51)
(1,037)
(1,088)
Net debt as at 31 December 2023
1,095
(31,327)
(30,232)
Notes to the Financial Statements
For the year ended 31 December 2023 continued

 Annual Report and Accounts for the year ended 31 December 2023 
73
Stock code: CORO
FINANCIAL STATEMENTS
Note 17: Share Capital and Share Premium
Number
000s
Nominal 
value
US$’000
Share
 premium
US$’000
Total
US$’000
As at 1 January 2023
2,339,977
3,184
50,862
54,046 
Shares issued during the period:
Share issuance for Eurobond interest
486,882
594
804
1,398
Share issuance for 8% increase in Philippines investment
40,000
48
96
144
Closing balance at 31 December 2023
2,866,859
3,826
51,762
55,588
Number
000s
Nominal 
value
US$’000
Share
 premium
US$’000
Total
US$’000
As at 1 January 2022
2,124,036
2,943
50,461
53,404 
Shares issued during the period:
Share issuance for Eurobond interest
215,941
241
401
642
Closing balance at 31 December 2022
2,339,977
3,184
50,862
54,046 
All Ordinary Shares are fully paid and carry one vote per share and the right to dividends. In the event of 
winding up the Company, Ordinary shareholders rank after creditors. Ordinary Shares have a par value of 
£0.001 per share. Share premium represents the issue price of shares issued above their nominal value. As at 
the date of these ﬁnancial statements, the Company no unused authority to issue any new Ordinary Shares.
No dividends were paid or declared during the current period (2022: nil).
Issue of ordinary shares
On 13 January 2023, the Eurobond note holders elected to receive interest payments on the notes in relation 
to the quarter to 12 January 2023 in new ordinary shares of the Company. A total of 229,325,962 new ordinary in 
the Company were issued at a price of 0.254 pence per share in connection with this election.
On 27 January 2023, the Company restructured its arrangements with its Philippines partners to increase the 
Company’s entitlement to future dividends from 80% to 88% with the issuance of 40,000 new ordinary shares 
to the Philippines partners at a price of 0.3 pence per share.
On 13 April 2023, the Eurobond note holders elected to receive interest payments on the notes in relation to 
the quarter to 12 April 2023 in new ordinary shares of the Company. A total of 257,556,113 new ordinary shares in 
the Company were issued at a price of 0.21935 pence per share in connection with this election.
Note 18: Reserves
Other reserves
Share-based payments reserve
The increase in share-based payments reserve is attributable to the current period charge relating to options 
issued to Directors and management of the Company, which was US$303k (2022: US$195k ). US$nil (2022: 
US$33k ) share options lapsed during the year and were recycled to accumulated losses. 
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 year was US$3,339k (2022: US$2,925k ).

74 
Coro Energy plc
www.coroenergyplc.com
Note 19a: Disposal of Subsidiary 
In August 2022 the Group entered into an option agreement with Zodiac Energy plc (“Zodiac”) whereby 
Zodiac acquired the right to acquire 100% of the issued share capital of CEL for a total consideration of up 
to €7.5 million (the “Option Agreement”), which included up to an aggregate of €1.5 million through a 10% 
net proﬁt interest (“NPI”). As announced by the Company on 24 August 2022, Zodiac paid a non-refundable 
deposit of €0.3 million, which was recognised as income in the comparative period, with a further €5.7 million 
to be paid in cash on completion and further contingent NPI payments. Additionally Zodiac was liable to 
pay a working capital adjustment to the Group for the net working capital as at the completion date which 
as at 31 December 2023 totalled US$472k (see note 21), and the Company was liable to discharge certain tax 
obligations in Italy at completion. A deﬁnitive sale and purchase agreement (“SPA”) was executed on 27 March 
2023 and the disposal completed on 8 November 2023. From this date CEL ceased to be consolidated as a 
group company. 
During the period between 27 March 2024 and the completion date the Company received advances 
of the consideration totalling €2.9m ($3.07m) and the SPA was amended to reduce the total value of all 
consideration to €5.86m (excluding the maximum potential value of the NPI) of which €0.3m was recognised 
as income in the comparative period, leaving total base consideration of €5.56 million receivable at 
completion.
The gain on disposal of CEL was determined as follows:
US$’000
Total cash consideration receivable
6,027
Working capital adjustment
1,105
Total consideration
7,132
Less amounts not recognised in statement of comprehensive income
Pre-completion redemption of intercompany loan prior to completion by Zodiac
(107)
Pre-completion tax liabilities assumed by Zodiac
(749)
Total consideration included in statement of comprehensive income
6,276
Cash
 83 
Property plant and equipment including oil and gas properties
 4,027 
Intangible assets
 2,230 
Inventory
 242 
Deferred tax asset
 669 
Trade and other receivables
 1,216 
Provisions
 (7,163)
Trade and other payables
 (1,556)
Total net liabilities disposed
(252)
Gain on disposal of subsidiary undertaking
6,528
Notes to the Financial Statements
For the year ended 31 December 2023 continued

 Annual Report and Accounts for the year ended 31 December 2023 
75
Stock code: CORO
FINANCIAL STATEMENTS
Note 19a: Disposal of Subsidiary continued
The total gain from discontinued operations is below:
2023
US$’000
2022
US$’000
Revenue
2,970
6,270
Operating costs
(1,854)
(2,060)
Gross profit
1,116
4,210
Other income
53
30
General and administrative expenses
(564)
(1,012)
Change in rehabilitation provisions
(190)
52
Impairment reversals/(losses)
(97)
1,330
Profit from operating activities
318
4,610
Finance expense
(108)
(60)
Profit before tax
210
4,550
Income tax expense
–
(1,908)
Profit for the period from 1 January 2023 to the date of disposal on 8 November 2023,  
after tax
210
2,642
Gain on disposal of subsidiary undertaking
6,528
–
6,738
2,642
Note 19b: Disposal of Investment in Associated Company 
On 24 August 2023, the Company completed the disposal of its 18.76% shareholding in IVHL to a privately 
owned entity based in USA.
Cash consideration was £1.25m of which £1m ($1.286m) paid on completion and the remaining £250,000 was 
to be paid by 31 March 2024.  The original shareholding had been acquired for £500,000 ($662,000) in 2020.
The gain on disposal of IVHL was determined as follows:
US$’000
Initial investment in IVHL
602
Company share of losses from acquisition to 31 December 2022
(343)
Book value of investment in IVHL on 1 January 2023
259
Effect of foreign exchange
85
Company share of losses from 1 January 2023 to date of disposal
(49)
Book value on date of disposal
295
Consideration payable
1,608
Gain on disposal of associated company
1,313

76 
Coro Energy plc
www.coroenergyplc.com
Note 20: Investment in, and Loans to, Subsidiaries
Company
31 December
2023
US$’000
31 December
2022
US$’000
Cost
At 1 January 
52,374
52,374
Additions
144
–
At 31 December
52,518
52,374
Accumulated impairment
At 1 January
(33,298)
(33,298)
Impairment
–
–
At 31 December
(33,298)
(33,298)
Impact of foreign exchange
(537)
(1,575)
Net book value
At 31 December
18,683
17,501
In January 2023 the Company increased its entitlement to future dividends from the Philippines projects held 
by Coro Clean Energy Philippines Inc. from 80% to 88% under a restructuring agreement. In exchange for 
the increased share of dividends and to align the Philippine partners with Coro shareholders, the Company 
issue each of the two Philippines partners, who are also Ofﬁcers of the Philippine subsidiary, with 20,000,000 
ordinary shares in Coro at a price of 0.3p (representing a total of £60,000 each) - a 43% premium to the closing 
mid-market price on 24 January 2023 (the "New Ordinary Shares"). 50% of the New Ordinary Shares will be 
subject to lock-in restrictions until ﬁrst power production and revenue on the ﬁrst Philippines renewable 
energy project, with the remaining 50% subject to lock-in restrictions until ﬁrst power production and revenue 
on the second Philippines renewable energy project. Restated at the year-end exchange rate at 31 December 
2023 the carrying value of the investment is US$1.2m (2022: $1.1m).
Notes to the Financial Statements
For the year ended 31 December 2023 continued

 Annual Report and Accounts for the year ended 31 December 2023 
77
Stock code: CORO
FINANCIAL STATEMENTS
Note 20: Investment in, and Loans to, Subsidiaries continued
On 8 November 2023, the Company sold its interest in its Italian operations via the sale of CEL (note 19a).  The 
carrying value of CEL was Nil as at the disposal date. Previously reported related parties with respect to CEL 
have therefore been removed from the table below.
The Company’s subsidiary undertakings at the date of issue of these ﬁnancial statements are set out below: 
Name
Incorporated
Principal activity
% owned Registered address
Coro Energy Asia Limited* England
Holding company
100%
c/o Pinsent Masons LLP, 1 Park Row, 
Leeds, England LS1 5AB
Coro Energy Holdings Cell 
A Limited
England
Holding company
100%
c/o Pinsent Masons LLP, 1 Park Row, 
Leeds, England LS1 5AB
Coro Energy (Singapore) 
Pte Ltd*
Singapore
Holding company
100%
80 Robinson Road #02-00, Singapore 
068898
Coro Energy Bulu 
(Singapore) Pte Ltd*
Singapore
Holding company
100%
80 Robinson Road #02-00, Singapore 
068898
Coro Energy Duyung 
(Singapore) Pte Ltd*
Singapore
Exploration and 
development company
100%
80 Robinson Road #02-00, Singapore 
068898
Coro Asia 
Renewables Ltd**
Scotland
Holding company
100%
12 Traill Drive, Montrose  
DD10 8SW, Scotland
Coro Clean Energy 
Philippines Inc* ***
Philippines
Exploration and 
development company
40%
1008 The Infinity Tower, 26th Street, 
Bonifacio Global City, Taguig City, 
Fourth District, National Capital Region, 
Philippines, 1634.
Coro Philippines Project 
109 Inc*
Philippines
Exploration and 
development company
40%
1008 The Infinity Tower, 26th Street, 
Bonifacio Global City, Taguig City, 
Fourth District, National Capital Region, 
Philippines, 1634
Coro Philippines Project 
121 Inc*
Philippines
Exploration and 
development company
40%
1008 The Infinity Tower, 26th Street, 
Bonifacio Global City, Taguig City, 
Fourth District, National Capital Region, 
Philippines, 1634
Coro Philippines Project 
128 Inc*
Philippines
Exploration and 
development company
40%
1008 The Infinity Tower, 26th Street, 
Bonifacio Global City, Taguig City, 
Fourth District, National Capital Region, 
Philippines, 1634
Coro Clean Energy Ltd
England
Holding company
100%
c/o Pinsent Masons LLP, 1 Park Row, 
Leeds, England LS1 5AB
Coro Clean Energy 
Vietnam Ltd*
England
Holding company
100%
c/o Pinsent Masons LLP, 1 Park Row, 
Leeds, England LS1 5AB
Coro Renewables VN1 
Joint Stock Company*†
Vietnam
Holding company
85%
136 – 138 Vanh Dai Tay, Town 4, An 
Khanh Ward, Thu Duc City, Ho Chi Minh 
City, Vietnam
Coro Renewables VN2 
Company Ltd*
Vietnam
Holding company
85%
136 – 138 Vanh Dai Tay, Town 4, An 
Khanh Ward, Thu Duc City, Ho Chi Minh 
City, Vietnam
Coro Renewables Vietnam 
Company Ltd*
Vietnam
Exploration and 
development company
85%
136 – 138 Vanh Dai Tay, Town 4, An 
Khanh Ward, Thu Duc City, Ho Chi Minh 
City, Vietnam
*  
Indirectly held. 
**  Formerly Global Energy Partnership Limited, acquired on 17 March 2021. 
***  The Group has 80% economic interest and management’s judgement is that Company controls this entity
† 
Increased to 92.5% in February 2024

78 
Coro Energy plc
www.coroenergyplc.com
Note 20: Investment in, and Loans to, Subsidiaries continued
The following subsidiaries are exempt from audit for the 2023 ﬁnancial year under s479A of the Companies 
Act 2006: Coro Clean Energy Limited, Coro Energy Asia Limited, Coro Energy Holdings Cell A Limited, Coro 
Clean Energy Vietnam Limited, and Coro Asia Renewables Limited.
Loans to subsidiaries
Company
31 December
2023
US$’000
31 December
2022
US$’000
Current
Loans to subsidiaries
1,665
750 
Loans from subsidiaries
(5,267)
(685)
At 31 December
(3,602)
65 
Loans to subsidiaries comprise advances to and from Coro Energy Holdings Cell A Limited which are 
unsecured, interest free and are repayable on demand. 
Note 21: Financial Instruments
Carrying amount versus fair value
The fair values of ﬁnancial assets and ﬁnancial liabilities, together with the carrying amounts in the 
consolidated statement of ﬁnancial position, are as follows:
31 December 2023
Group
Carrying
 amount
US$’000
Fair value
US$’000
Financial assets
Trade receivables (current and non-current)
1,335
1,335
Other financial assets > 1 year
472
472
Cash and cash equivalents 
1,095
1,095
Financial liabilities
Trade and other payables 
660
660
Borrowings (current and non-current)
31,327
31,327
Notes to the Financial Statements
For the year ended 31 December 2023 continued

 Annual Report and Accounts for the year ended 31 December 2023 
79
Stock code: CORO
FINANCIAL STATEMENTS
Note 21: Financial Instruments continued
31 December 2022
Group
Carrying
 amount
US$’000
Fair value
US$’000
Financial assets
Trade receivables (current and non-current)
158
158
Cash and cash equivalents 
166
166
Financial liabilities
Trade and other payables 
819
819
Borrowings (current and non-current)
28,183
28,183
31 December 2023
Company
Carrying
 amount
US$’000
Fair value
US$’000
Financial assets
Trade and intercompany receivables (current and non-current)
4,190
4,190
Cash and cash equivalents 
573
573
Financial liabilities
Trade and other payables 
3,920
3,920
Borrowings (current and non-current)
31,237
31,237
31 December 2022
Company
Carrying
 amount
US$’000
Fair value
US$’000
Financial assets
Trade and intercompany receivables (current and non-current)
3,170
3,170
Loans to subsidiaries
65
65
Cash and cash equivalents 
130
130
Financial liabilities
Trade and other payables 
734
734
Interest bearing borrowings
1,263
1,263
Borrowings (current and non-current)
28,183
28,183

80 
Coro Energy plc
www.coroenergyplc.com
Note 21: Financial Instruments continued
Determination of fair values
All the Group’s ﬁnancial instruments are carried at amortised cost. The carrying value of trade and other 
receivables, cash and cash equivalents and trade and other payables approximates their fair value. Borrowings 
comprises the Group’s Eurobond, which is listed on the Luxembourg Stock Exchange. 
Financial risk management
Exposure to credit, market and liquidity risks arise in the normal course of the Group’s business. 
This note presents information about the Group’s exposure to each of the above risks, their objectives, policies 
and processes for measuring and managing risk, and the management of capital. 
Risk recognition and management are viewed as integral to the Group’s objectives of creating and 
maintaining shareholder value, and the successful execution of the Group’s strategy. The Board as a whole 
is responsible for oversight of the processes by which risk is considered for both ongoing operations and 
prospective actions. In speciﬁc areas, it is assisted by the Audit Committee.
Management is responsible for establishing procedures that provide assurance that major business risks are 
identiﬁed, consistently assessed and appropriately addressed.
(i) Credit risk
The Group is exposed to credit risk on its cash and cash equivalents and trade and other receivables. The 
maximum exposure to credit risk is represented by the carrying amount of each ﬁnancial asset as shown in 
the table above and in note 19.
Credit risk with respect to cash is reduced through maintaining banking relationships with ﬁnancial 
intermediaries with acceptable credit ratings. All banks with which the Group has a relationship have an 
investment grade credit rating and a stable outlook, according to recognised credit rating agencies.
The Group undertakes credit checks for all material new counterparties prior to entering into a contractual 
relationship.
Notes to the Financial Statements
For the year ended 31 December 2023 continued

 Annual Report and Accounts for the year ended 31 December 2023 
81
Stock code: CORO
FINANCIAL STATEMENTS
Note 21: Financial Instruments continued
(ii) Market risk
Interest rate risk
The Group is primarily exposed to interest rate risk arising from cash and cash equivalents that are interest 
bearing. The Group’s Eurobond bears interest at a ﬁxed rate. Interest rate risk is currently not material for the 
Group. 
Currency risk
The Group operates internationally and is exposed to foreign exchange risk. Foreign exchange risk arises from 
future commercial transactions and recognised assets and liabilities denominated in a currency that is not the 
functional currency of the relevant Group entity. 
The Group’s and Company’s exposure to foreign currency risk at the end of the reporting period is 
summarised below. All amounts are presented in US Dollar equivalent.
Group
2023
US$’000
USD
2023
US$’000
SGD
2023
US$’000
PHP
2023
US$’000
VND
2023
US$’000
GBP
2023
US$’000
EUR
2022
US$’000 
USD
2022
US $’000 
EUR
Trade  and other receivables
27
–
–
171
403
798
–
–
Other financial assets > 1 year
–
–
–
–
–
472
–
–
Cash and cash equivalents
397
2
273
239
183
1
119
1
Trade and other payables
(284)
(5)
(13)
(5)
(353)
–
–
(21)
Borrowings (current and  
non-current)
–
–
–
–
–
(31,327)
–
(28,183)
Net exposure
140
(3)
260
405
233
(30,056)
119
(28,203)

82 
Coro Energy plc
www.coroenergyplc.com
Note 21: Financial Instruments continued
Sensitivity analysis
As shown in the table above, the Group is exposed to changes in USD exchange rate. The table below shows 
the impact in USD on pre-tax proﬁt and loss of a 10% increase/decrease in exchange rates, holding all other 
variables constant: 
Group
2023
US$’000
USD
2023
US$’000
SGD
2023
US$’000
PHP
2023
US$’000
VND
2023
US$’000
GBP
2023
US$’000
EUR
2022
US$’000 
USD
2022
US $’000 
EUR
Net exposure
140
(3)
260
405
233
(30,056)
119
(28,203)
10% strengthening of  
currency to USD rate
–
–
(26)
(41)
(23)
3,006
–
2,820
10% weakening of  
currency to USD rate
–
–
26
41
23
(3,006)
–
(2,820)
Company
2023
US$’000
USD
2023
US$’000
SGD
2023
US$’000
PHP
2023
US$’000
VND
2023
US$’000
GBP
2023
US$’000
EUR
2022
US$’000 
USD
2022
US $’000 
EUR
Trade  and other receivables
3,440
9
178
–
532
31
3,022
–
Inter-company loans
1,270
–
–
–
–
–
–
–
Cash and cash equivalents
389
–
–
–
183
1
118
1
Loans to subsidiaries
750
(685)
Trade and other payables
(2,398)
–
–
–
(544)
(2,643)
(32)
(136)
Borrowings (current and  
non-current)
–
–
–
–
–
(31,327)
–
(29,446)
Net exposure
2,701
9
178
–
171
(33,938)
3,858
(30,266)
Sensitivity analysis
As shown in the table above, the Group is exposed to changes in USD exchange rate. The table below shows 
the impact in USD on pre-tax proﬁt and loss of a 10% increase/decrease in exchange rates, holding all other 
variables constant. 
Company
2023
US$’000
USD
2023
US$’000
SGD
2023
US$’000
PHP
2023
US$’000
VND
2023
US$’000
GBP
2023
US$’000
EUR
2022
US$’000 
USD
2022
US $’000 
EUR
Net exposure
2,701
9
178
–
171
(33,938)
3,858
(30,266)
10% strengthening of  
currency to USD rate
(1)
(18)
–
(17)
3,394
–
3,026
10% weakening of  
currency to USD rate
1
18
–
17
(3,394)
–
(3,026)
Notes to the Financial Statements
For the year ended 31 December 2023 continued

 Annual Report and Accounts for the year ended 31 December 2023 
83
Stock code: CORO
FINANCIAL STATEMENTS
Note 21: Financial Instruments continued
(iii) Capital management
The Group’s policy is to maintain a strong capital base so as to maintain creditor conﬁdence and to sustain 
future development of the business, safeguard the Group’s ability to continue as a going concern and 
provide returns for shareholders. 
As explained further in note 16 and note 2c, the Group’s Eurobonds are due to mature in April 2024 at 100% of 
par value plus any accrued and unpaid coupon. 
(iv) Liquidity risk
The Group’s approach to managing liquidity is to ensure that it will always have sufﬁcient liquidity to meet its 
liabilities when due. Refer to the going concern statement in note 2c for further commentary.
The table below analyses the Group’s ﬁnancial liabilities into relevant maturity groupings based on their 
contractual maturities. The amounts presented are the contractual undiscounted cash ﬂows.
Group
31 December 2023
Less than
 6 months
US$’000
6 to 12 
months
US$’000
Between 
1 and 2 years
US$’000
Between 
2 and 7 years
US$’000
Total
 contractual
 cash flows
US$’000
Trade and other payables
660
–
–
660
Borrowings
–
31,327
–
–
31,327
Total
660
31,327
–
–
31,987
Group
31 December 2022
Less than
 6 months
US$’000
6 to 12 
months
US$’000
Between 
1 and 2 years
US$’000
Between 
2 and 7 years
US$’000
Total
 contractual
 cash flows
US$’000
Trade and other payables
406
–
–
–
406
Borrowings
–
–
28,183
–
28,183
Total
406
–
28,183
–
28,589
Company
31 December 2023
Less than
 6 months
US$’000
6 to 12 
months
US$’000
Between 
1 and 2 years
US$’000
Between 
2 and 7 years
US$’000
Total
 contractual
 cash flows
US$’000
Trade and other payables
3,920
–
–
–
3,920
Borrowings
–
31,327
–
–
31,327
Total
3,920
31,327
–
–
35,247
Company
31 December 2022
Less than
 6 months
US$’000
6 to 12 
months
US$’000
Between 
1 and 2 years
US$’000
Between 
2 and 7 years
US$’000
Total
 contractual
 cash flows
US$’000
Trade and other payables
320
–
–
–
320
Borrowings
–
–
28,183
1,263
29,446
Total
320
–
28,183
1,263
29,766

84 
Coro Energy plc
www.coroenergyplc.com
Note 22: Share-Based Payments
Share options and warrants
The following equity settled share-based awards have been made under the Company’s discretionary share 
option plan.
31 December 2023
31 December 2022
Average 
exercise price
 per option
 (pence)
Number 
of options
Average 
exercise price
 per option
(pence)
Number 
of options
As at 1 January 
1.03 193,013,166
1.90 137,687,500
Granted during the year
0.255
70,000,000
0.10
93,825,666
Expired during the year
4.38
(42,000,000)
–
–
Forfeited during the year
–
–
1.88
(38,500,000)
As at 31 December
0.15 221,013,166
1.03 193,013,166
Vested and exercisable at 31 December
–
–
4.38
42,000,000
All remaining unvested options vest after three years of continuous service with the Company and on 
condition that the mid-market closing price per Coro ordinary share on the last day of the three year vesting 
period is equal to or higher than 0.46 pence per ordinary share for 2021 grants and higher than 0.43 pence per 
ordinary share for 2022 grants. Grants issued in 2023 are exercisable once certain performance criteria have 
been met.  Once vested, the Options may be exercised at any time until the sixth anniversary of grant.  
For options granted in 2021 and 2022 that have not yet vested, the number of options which will vest on the 
vesting date will depend on the Company’s Total Shareholder Return (“TSR”) over the 3 year performance 
period starting on the date of grant, compared to a comparator group of 20 energy companies selected by 
the Company’s Remuneration Committee. The number of Options vesting will be calculated as follows: 
Relative TSR
Percentage of Options vesting on the Vesting Date
Below median
0%
Median
30%
Upper decile
100%
Between median and upper decile
Straight-line vesting between 30% and 100%
Notes to the Financial Statements
For the year ended 31 December 2023 continued

 Annual Report and Accounts for the year ended 31 December 2023 
85
Stock code: CORO
FINANCIAL STATEMENTS
Note 22: Share-Based Payments continued
Options granted in 2023 are conditional upon a ﬁnal investment decision having been taken by the partners 
to the Duyung PSC or the successful sale of Coro’s interest in the Duyung PSC.
The fair value of services rendered in return for 2023 share options is based on the fair value of share options 
granted and was measured using a Black Scholes model.
The inputs used in the measurement of the options granted during the year are summarised in the table 
below, with the volatility estimate of 61% based on the Company’s historical volatility:
February 2023
options
Fair value at grant date (p)
0.13
Share price at grant date (p)
0.24
Exercise price
0. 26
Expected volatility
61%
Option life
3 years
Risk-free interest rate (based on yield on five-year gilts)
3.2%
Expiry date
9 February 2028
p – British pence.
The fair value of the options granted are spread over the vesting period. The amount recognised in the income 
statement for the year ended 31 December 2023 was US$303k (2022: US$196k). 
During the year a total of 70,000,000 options were granted, 35,000,000 of which were granted to the 
Company’s Chairman, James Parsons, 20,000,000 to the Company’s Managing Director Michael Carrington 
and 15,000,000 to Ewen Ainsworth, former CFO of the Company. 
Note 23: Contingencies and Commitments
Commitments
Coro’s share of the 2024 Duyung Work Programme and Budget is estimated at US$0.5m, which will be 
allocated between items of capital expenditure and joint venture G&A. The Group had no committed work 
programmes in it Philippine or Vietnam operations at the reporting date.
Contingent liabilities
The Company undertook to the Noteholders that in the event of a sale of the Company’s interest in the 
Duyung PSC to utilise the net cash proceeds of such disposal(s) to ﬁrst repay the capital and rolled up interest 
on the Notes and thereafter to distribute 20% of remaining net proceed(s) to Noteholders. The remaining net 
proceeds of any sales would be retained and/or distributed to shareholders by the Company. Due to its nature, 
it is not possible to quantify the ﬁnancial impact of this contingent liability.
Contingent assets
The Group has the right to contingent payments of up to an aggregate of Euro 1.5m through a 10% net proﬁt 
interest in the disposed Italian Portfolio over the three years from the date of completion.

86 
Coro Energy plc
www.coroenergyplc.com
Note 24: Related Party Transactions
Key management personnel compensation
2023
US$’000
2022
US$’000
Short-term benefits
926
1,201
Share-based payments
303
197
Key management personnel consists of the Directors of the Company and Ewen Ainsworth (CFO) and 
Michael Carrington (COO). 
Other related party transactions
ion Ventures Holdings Limited was a related party during the reporting period due to the Company’s, now 
disposed, 18.76% shareholding and ability it had to appoint one director to the Board of Directors of ion. There 
were no transactions between the two companies in 2023 up to the date of the disposal or 2022 with the 
exception of Coro’s initial £500k investment in ion.
Energy PTS is a company incorporated in Scotland in which Mark Hood, a director of the Company during 
the reporting period, has a majority interest. The Company paid consulting fees on an arm’s length basis of 
£18k (2022: £18k) to Energy PTS during the reporting period.
Note 25: Subsequent Events
On 18 January 2024, the Company announced receipt of an in principle commitment letter from HDBank 
of Vietnam to provide debt ﬁnance for its previously announced 50MW MOU with Mobile World Investment 
Corporation to install rooftop solar systems across their portfolio.  The non-binding commitment letter initially 
focuses on funding for the ten locations in the pilot stage and would cover 50% of the total capital required for 
these locations.  It would then be the intention to broaden any funding arrangement reached to the full scale 
50MW roll out across all 900 project locations.
On 19 February 2024, the Company announced settlement of the working capital adjustment from the 
disposal of the Group's Italian natural gas portfolio, with the parties agreeing to a cash payment to the 
Company of Euro 1,000,000 in full and ﬁnal settlement of the working capital adjustment. A cash payment of 
Euro 200,000 was received by the Company in February 2024 and the balance of Euro 800,000 will be paid in 
22 monthly instalments.
The Company will also receive the previously announced Euro 136,000 balance of the upfront consideration for 
the Italian natural gas portfolio, which shall be paid in 23 monthly instalments. 
On 29 February, the Company announced an update with respect to the ongoing legal proceedings by 
the Company against an Italian contractor in relation to damages following the historical cessation of 
production at the Bezzecca ﬁeld in Italy. The Company announced on 14 February 2023 that it was initiating 
legal proceedings against an Italian contractor in relation to damages following the historical cessation of 
production at the Bezzecca ﬁeld in Italy. The Company alleges that the original construction at Bezzecca 
lacked an effective cathodic protection system which was required to avoid corrosion, which ultimately led 
to the shut-in of gas production at the Bezzecca ﬁeld in March 2020 for safety and environmental reasons. 
Production at Bezzecca was re-established in November 2022. The Company is claiming damages of 
approximately Euro 300,000 for the capital and related costs of the replacement equipment and necessary 
cathodic protection and a further Euro 7m for consequential losses, including both lost revenue and incurred 
ﬁxed costs, during the shut in period. On 22 September 2023, the Company served a writ of summons on the 
contractor. The contractor ﬁled its response statement to the court on 23 November 2023, which included 
the identiﬁcation of three potentially liable third parties (a supplier, a sub-contractor and the sub contractor's 
insurance company). The judge has set the ﬁrst hearing for 5 June 2024, before which various supplementary 
memorandums are required to be ﬁled by both sides. The Company sold its Italian natural gas portfolio during 
2023, however, under the terms of this disposal any costs and proceeds from the Bezzecca legal claim accrue 
to the Company.

 Annual Report and Accounts for the year ended 31 December 2023 
87
Stock code: CORO
FINANCIAL STATEMENTS
Note 26: Subsequent Events continued
On 8 March 2024, the Company announced that it had signed a binding 14-year power purchase agreement 
(“PPA”) with Mobile World Group ("MWG") to deliver power at the ﬁrst ten sites as a pilot phase with a 
capacity of 430kw. The PPA term is extendable in certain circumstances and includes a variable price with 
a ﬂoor of circa US$11.2 cents / kilowatt hour. Construction work at these sites will begin in March 2024 and is 
expected to conclude 28 days later. The capital required for the pilot phase is expected to be funded from 
existing in-country Group resources and from a debt facility expected to be provided by HDBank which is 
referenced here.
On 12 April 2024, The Company announced receipt of a letter from two lenders holding 68% of the Company's 
Luxembourg listed Eurobonds which are currently due to expire on 12 April 2024 (the "Standstill"). The 
Standstill, which the Company is advised is binding on the parties, provides a conditional standstill on the 
repayment of the Company's current debt obligations on expiry whilst the ongoing constructive discussions 
with the Company in respect of the Eurobonds continue and whilst certain inﬂexion points in the business 
materialise, including the outcome of the Duyung Operator's farm out process.
On 24 April 2024, the Company announced that, as a result of the outturn of the AGM, in that Resolution 
2 concerning the re-election of James Parsons as a Director of the Company, was not passed at the AGM. 
Accordingly Mr Parsons is no longer a director of the Company. Whilst the Company has commenced the 
process of recruiting at least one additional director with immediate effect, the Company's Board currently 
comprises a single director. Following the AGM, the Company's Board is not therefore quorate under the 
Company's Articles of Association (the "Articles") or s154 of the Companies Act 2006 (the "Act") and the 
Company is not therefore able to effectively operate under the Articles or the Act. Accordingly, the Company 
has requested that trading in the Company's ordinary shares on AIM be suspended with immediate effect 
pending, inter alia, the appointment of at least one additional director. Notwithstanding the suspension of 
trading in the Company's ordinary shares, the Company will continue to make notiﬁcations as and when 
there are matters requiring disclosure in accordance with the Company's obligations under the AIM Rules for 
Companies and/or the UK Market Abuse Regulation.
On 12 June 2024, the Company announced an acceleration of receipt of a portion of the proceeds from the 
disposal of the Group's Italian natural gas portfolio. The Company sold its Italian natural gas portfolio as 
previously announced by the Company during the course of 2023 and 2024 (the "Disposal").  The Disposal 
includes a monthly payment to the company of Euro 42,750 through to November 2025 and a ﬁnal payment 
of Euro 26,750 in December 2025.  All monthly payments have been received to-date. The Company signed 
an agreement to accelerate the next 9 months payment in exchange for a 22% discount on those payments.  
Hence the Company will now receive Euro 150,000 on June 14 2024 and a further Euro 150,000 thirty days later. 
The monthly payments will restart from April 2025.
On 24 June 2024, The Company announced that it had signed binding key terms had been agreed for the 
sale and purchase of the domestic portion of the Mako gas ﬁeld with PT Perusahaan Gas Negara Tbk ("PGN"), 
the gas subsidiary of PT Pertamina (Persero), the national oil company of Indonesia. The GSA, which includes 
a seven month long stop date, is subject to the construction of the pipeline connecting the West Natuna 
Transportation System with the domestic gas market in Batam, and it forms part of the Domestic Market 
Obligation, as set out in Mako's revised Plan of Development.  The total contracted gas volume under the GSA 
is up to 122.77 trillion British Thermal Units ("TBtu") with estimated plateau production rates of 35 billion British 
Thermal Units / day ("BBtud").  The terms of the GSA are conﬁdential. The remainder of the Mako sales gas 
volumes are targeted to be sold to Singapore, where a non-binding Term Sheet was signed in 3Q 2023. Conrad 
is moving towards ﬁnalising a GSA for the Mako export gas.
On 3 July 2024, the Company announced the appointment of Harry Beamish as Independent Non-Executive 
Director of the Company with immediate effect.
On 15 August 2024, the Company announced that it has signed a six month $500k secured convertible loan 
with River Merchant Capital, and existing lender to the Company under the Company’s Luxembourg 8.0% 
listed Eurobond and Fenikso Limited.

88 
Coro Energy plc
www.coroenergyplc.com
Company Information
Directors
Tom Richardson (Non-Executive Director)
Harry Beamish (Non-Executive Director)
Company secretary
AMBA Secretaries Limited
Registered ofﬁce
c/o Pinsent Masons LLP
1 Park Row
Leeds
United Kingdom
LS1 5AB
Registered number
10472005 (England and Wales)
Nominated adviser
Cavendish Capital Markets Limited
One Bartholomew Close
London
United Kingdom
EC1A 7BL
Broker
Hybridan
3rd ﬂoor, Moor Place
1 Fore St Avenue
London
EC2Y 9DT
United Kingdom
Legal advisers
Pinsent Masons LLP
1 Park Row
Leeds
LS1 5AB
United Kingdom
Auditor
PKF Littlejohn LLP
15 Westferry Circus
Canary Wharf
London
E14 4HD
United Kingdom
Share registrars
Link Group
Central Square
29 Wellington Street
Leeds
LS1 4DL
United Kingdom


c/o Pinsent Masons LLP
1 Park Row
Leeds LS1 5AB