31st May 2018 13:05
LONDON (Alliance News) - Coro Energy PLC said Thursday its Bezzecca gas field in Milan, Italy, is "unlikely" to provide a material contribution during the year.
Coro Energy believes the project "offers incremental production optionality" which could strengthen its cashflows.
The gas explorer & producer said its Italian operations are to "support its Asian growth strategy and objective to become an established mid-cap Asian oil & gas player".
A drilling programme is underway to "exploit" the remaining proved and probable reserves in the field. It is currently producing 10,000 million cubic feet of gas per day. However, the field may be shut in ahead of planned further development drilling.
Shares in Coro Energy were down 2.7% Thursday at 3.10 pence each.
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