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REG - Coro Energy PLC - Bezzecca Production Update

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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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