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RNS Number : 1111H Coro Energy PLC 22 November 2022
22 November 2022
Coro Energy Plc
("Coro" or the "Company" and together with its subsidiaries the "Group")
Bezzecca Production Update
Coro Energy Plc, the South East Asian energy company with a natural gas and
clean energy portfolio, is pleased, further to the Company's announcement of
9 November 2022 which confirmed the resumption of production at the Bezzecca
gas field in Italy, to provide an update on stabilised production rates from
Bezzecca.
Production commenced on 8 November 2022 and was initially constrained by the
Company at lower rates which were increased gradually to keep the Water to Gas
Ratio under control, with the plan to reach a stabilised production plateau
following the best practices of reservoir management. The well has been
producing at a stabilised rate of 15,000 scm/day since 18 November 2022 with
very good pressure support giving good indications for the long term field
performance.
James Parsons, Coro's Chairman, commented:
"I am delighted to announce that after having reached the stabilised rates in
Bezzecca our total production in Italy has reached 21,000 scm/day from 3
fields which, combined with current gas prices, is providing very favourable
cash flow generation.
Several options to resume production from Sillaro are still under review and
further updates will be made, as appropriate, in due course."
For further information please contact:
Coro Energy plc Via Vigo Consulting Ltd
James Parsons, Executive Chairman
Ewen Ainsworth, Chief Financial Officer
Cenkos Securities plc (Nominated Adviser) Tel: 44 (0)20 7397 8900
Ben Jeynes
Katy Birkin
Vigo Consulting (IR/PR Advisor) Tel: 44 (0)20 7390 0230
Patrick d'Ancona
Charlie Neish
WH Ireland (Broker) Tel: 44 (0)20 7220 1670 / 44 (0)113 946 618
Harry Ansell
Katy Mitchell
Gneiss Energy Limited (Financial Advisor) Tel: 44 (0)20 3983 9263
Jon Fitzpatrick
Doug Rycroft
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