16 June 2022
Coro Energy Plc
("Coro" or the "Company")
Italian production update
Coro Energy Plc, the South-East Asian energy company focused on supporting the regional transition to a low carbon economy, is pleased to announce, following the Company's announcement of 6 June 2022, that since the resumption of production at each of Sillaro, Rapagnano and Casa Tiberi, the Company's Italian portfolio has produced at an average rate of approximately 18.5k scm/d with further production from Casa Tonetto expected shortly.
Revenues for the month of May were Euro 583,000.
Sillaro
Since reinstating production on the Sillaro gas field, production has increased to a rate of approximately 12k Scm/d. The Company is gradually increasing production and, despite high expected summer temperatures is confident that further increases in production can be sustained.
Rapagnano
The Company is delighted to confirm that production has stabilised at approximately 5.5k Scm/d with further increases expected from a reperforation which is scheduled for the summer.
Casa Tiberi
Production at Casa Tiberi has averaged above 1k Scm/d and the Company is reviewing short term options to further increase production.
Casa Tonetto
The Company is in the process of finalising the permitting for CNG trucking operations which once secured will enable immediate CNG deliveries to further boost production.
For further information please contact:
|
Coro Energy plc Mark Hood, Chief Executive Officer |
Via Vigo Consulting Ltd |
|
Cenkos Securities plc (Nominated Adviser) Ben Jeynes Katy Birkin |
Tel: 44 (0)20 7397 8900 |
|
Vigo Consulting Ltd (IR/PR Advisor) Patrick d'Ancona Chris McMahon |
Tel: 44 (0)20 7390 0230 |
|
WH Ireland (Broker) Harry Ansell Katy Mitchell |
Tel: 44 (0)20 7220 1670 / 44 (0)113 946 618 |
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/d means standard cubic metres of gas per day.