REG - Coro Energy PLC - Italian Portfolio: Q3 2022 Production Update

Coro EnergyAnnouncement

14/10/2022 07:00

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RNS Number : 8583C  Coro Energy PLC  14 October 2022

14 October 2022

 

 

Coro Energy Plc

("Coro" or the "Company")

 

Italian Portfolio: Q3 2022 Production Update

 

Coro Energy Plc, the South East Asian energy company with a natural gas and
clean energy portfolio, announces record third quarter revenues from its
Italian portfolio, alongside Q3 production and gas sales and the expected
re-establishment of production at Bezzecca.

Quarterly production and revenues, including record revenue levels of above
€2 million in Q3, are summarised in the table below:

                Production (Scm)  Unaudited Revenues (Euro)
 Q1 2022        945,100           859,900
 Q2 2022        1,610,900         1,565,442
 Q3 2022        1,177,821         2,017,700
 Q1 to Q3 2022  3,733,821         4,443,042

 

Coro previously announced the review of various production enhancement
initiatives to further increase gas sales from the Italian portfolio to
maximise revenues from the assets at a time of supportive commodity prices.
Following the successful procurement of long lead items and confirmation of
UNMIG inspection dates, the Company is now looking to re-establish production
at Bezzecca, at an expected rate of 15,000 scm/day, during November 2022.

Production in the third quarter of 2022 reflects temporarily reduced levels
from Sillaro since 11 September 2022 following the identification of sand
clogging in a downhole valve. A coil tubing operation is currently under
preparation, which is expected to resolve the issue.

Further to the announcement of the 24 August 2022, concerning the award of an
option for the disposal of the Italian portfolio, the Company retains full
ownership and cash flows from the Italian portfolio prior to the completion of
the disposal.

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

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the UK version of the EU
Market Abuse Regulation 596/2014 which is part of UK law by virtue of the
European Union (Withdrawal) Act 2018, as amended and supplemented from time to
time. Upon the publication of this announcement, this inside information is
now considered to be in the public domain.

Scm means standard cubic metres of gas.

UNMIG is the Italian Ministry of Economic Development

 

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