24th Aug 2022 10:21
Coro Energy PLC - London-based gas explorer - Signs an option agreement with an unnamed operator in Italy, who will buy the company's Italian gas asset portfolio. Says the operator will pay up to EUR7.5 million for the portfolio, of which EUR6.0 million would be paid in cash at or before completion. Coro says the portfolio was relaunched earlier this year following gas price rises, and that it has delivered "significant free cash flows".
Coro Executive Chair James Parsons says: "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."
Coro says it has re-confirmed its primary focus on South East Asia and the significant growth and investment opportunities the region offers. Duyung PSC covers an offshore permit of about 1,100 square kilometres in the West Natuna basin in offshore Indonesia.
Current stock price: 0.30 pence, up 1.7%
12-month change: up 7.1%
By Xindi Wei; [email protected]
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