REG - Coro Energy PLC - Corporate Update

Coro EnergyAnnouncement

24/08/2022 07:16

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RNS Number : 9884W  Coro Energy PLC  24 August 2022

24 August 2022

 

Coro Energy Plc

("Coro" or the "Company" and together with its subsidiaries the "Group")

 

Corporate Update

 

Coro Energy plc, the South East Asian energy company with a natural gas and
clean energy portfolio, announced today that, in the Board's expectation of
near term developments on the Duyung PSC and with a view to capturing the
value inherent in the Company's Italian gas asset portfolio (the "Italian
Portfolio") following recent gas price rises, Coro had entered into an option
agreement with an existing operator in Italy to purchase the Italian
Portfolio.

In doing so, the Company re-confirmed its primary focus on South East Asia and
the significant growth and investment opportunities the region provides.
Signifying this regional focus, the Company's interests across both clean
energy and hydrocarbon assets, the potential sale of the operated Italian
Portfolio and the need for ongoing structural cost reductions, the Company
today provides a corporate update regarding Coro's operational management
structure.

 

Coro is pleased to announce that Leonardo Salvadori, previously Coro's
Managing Director - Italy, has been appointed Managing Director - Oil &
Gas, with overall and extended operational responsibility for the Company's
hydrocarbon assets across both Asia and Italy, and Michael Carrington,
previously Coro's Chief Operating Officer, has been appointed as Managing
Director - Renewables. Michael Carrington will have overall operational
responsibility for the Company's renewable energy interests.

 

Both Leonardo Salvadori and Michael Carrington will become non-board Group
PDMRs and Ewen Ainsworth, the Company's existing Chief Financial Officer, will
continue to report directly to the Coro Board.

 

Reflecting the change in operational management structure, Mark Hood has been
appointed as a non-executive director of the Company and Country Chairman -
Philippines, with immediate effect. In his new capacities Mark will continue
to provide the Company with access to his strong relationships and
connectivity in the region whilst supporting the progress in the Philippines
on both the renewables and hydrocarbons portfolio.

 

 James Parsons, Executive Chairman of Coro, commented:

"Coro, capitalising on recent energy market volatility, remains strategically
focused on monetising both the Duyung PSC and our Italian cash flows whilst
investing selectively in South East Asian renewables.   We provide
shareholders with a unique exposure to a leveraged play on global gas and oil
prices which we believe is compelling in the current environment.

We welcome Leo and Michael to their expanded roles, as we continue to refine
our management structure following our decision to exit Italy and in
anticipation of progress on Duyung.  We also thank Mark for his time at the
helm during a very volatile period and look forward to his ongoing support as
a non-executive director and Country Chairman in the Philippines."

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

 

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