Coro Energy PLC 2022 Italian Production & Corporate Update (7484M)
16 January 2023 - 6:00PM
UK Regulatory
TIDMCORO
RNS Number : 7484M
Coro Energy PLC
16 January 2023
16 January 2023
Coro Energy Plc
("Coro" or the "Company")
2022 Italian Portfolio Production and Corporate Update
Coro Energy Plc, the South East Asian energy company with a
natural gas and clean energy portfolio, provides an update in
relation to fourth quarter revenues from its Italian natural gas
portfolio and in relation to the Company's South East Asian
renewables portfolio.
Italy Divestment
As announced on 24 August 2022, the Company has granted an
option to Zodiac Energy plc to purchase the Italian portfolio for a
remaining EUR5.7 million (having received a non-refundable EUR0.3
million upon award of the option). The option period expires
towards the end of March 2023 and current activity is focused on
finalising the SPA. The Company retains full ownership and cash
flows from the Italian portfolio prior to completion of the
disposal.
2022 Italian Portfolio Production
Production from the Italian portfolio continued in line with
expectations during Q4 2022, following record quarterly revenues in
the preceding quarter, with a total of 1.37 million Scm of natural
gas produced during Q4 2022. Production from the Italian portfolio
during 2022 is summarised below:
Unaudited Average realised
Natural gas revenues gas prices
production (EUR) per Scm (EUR)
(Scm)
Q1 2022 945,100 859,900 0.91
-------------- ---------- -----------------
Q2 2022 1,610,900 1,565,442 0.97
-------------- ---------- -----------------
Q3 2022 1,177,821 2,017,700 1.71
-------------- ---------- -----------------
Q4 2022 1,368,383 1,514,726 1.11
-------------- ---------- -----------------
FY 2022 5,102,204 5,957,768 -
-------------- ---------- -----------------
In the week ended 8 January 2023, Italian portfolio production
averaged 21,091 scm/day, a 50% increase from the annual average in
2022 of 13,979 scm/day.
As previously announced, production re-commenced at Bezzecca on
8 November 2022 and the field has been producing at a stabilised
rate of just over 15,000 scm/day since 18 November 2022 - with
strong pressure support giving good indications for the long-term
field performance. Since 11 September 2022, Italian portfolio
production has however reflected intermittent production from
Sillaro following the previously announced sand clogging episodes
in the tubing. Several solutions are currently under review to
resolve the issue.
Between 1 March 2022 and 30 November 2022, despite Bezzecca
production only re-commencing in November 2022 and recent
intermittent production from Sillaro, the Italian portfolio has
still generated approximately EUR2.1 million of free cash flow
which has been distributed to Coro and largely utilised to fund the
Company's pilot 3MW Vietnam rooftop solar project, whilst
additional cash flows (in addition to the EUR2.1 million
distributed to Coro) have also funded expenditures during the
period in Italy to increase production to current levels and
provided additional cash retained in Italy for working capital
purposes.
Vietnam
Further to the Company's announcement on 25 November 2022, the
Company continues to negotiate its second new build rooftop solar
project and work through due diligence on the previously announced
acquisition of an energised 3.25MW rooftop solar portfolio close to
Saigon.
Philippines
The Company announced on 12 October 2022 that it expected to
apply for the Philippines Department of Energy's Wind Energy
Service Contract ("WESC") in respect of an area of interest for the
onshore Oslob Wind Power Project in Oslob, Cebu in November 2022.
The application was filed on 18 November 2022 and the Company has
now been advised that the application for the WESC has passed all
of the technical and legal criteria. However, the application has
been rejected on a technicality relating to the
under-capitalisation of the local Philippine subsidiary responsible
for the application. Coro intends to capitalise the local
subsidiary as required and resubmit the application. Further
announcements 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
Harry Ansell (0)113 946 618
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.
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END
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