Coro Energy PLC Update on development activities at Bezzecca (7612P)
May 31 2018 - 2:00AM
UK Regulatory
TIDMCORO
RNS Number : 7612P
Coro Energy PLC
31 May 2018
31 May 2018
Coro Energy Plc
("Coro" or the "Company")
Update on development activities for the Bezzecca gas field
Coro Energy, the Pan Euro Asian explorer and producer, is
pleased to provide an update on its Italian development activities,
including the Bezzecca gas field, located outside of Milan in
northern Italy.
The Italian portfolio consists of four producing gas fields,
namely Sillaro, Rapagnano, Casa Tiberi and Bezzecca. The Company is
of the view that the Bezzecca gas field offers incremental
production optionality which could enable the Company to further
strengthen its Italian cashflows in support of its Asian growth
strategy and objective to become an established mid-cap Asian oil
& gas player.
Detailed planning for the Bezzecca-2 drilling programme is
underway to exploit remaining proved and probable reserves in the
field. In accordance with Italian regulations, the Company will be
initiating the review process of the Bezzecca-2 programme with
UNMIG, the technical office of the Department of Mining and Natural
Resources. As envisaged by the latest Competent Persons Report,
production from Bezzecca in 2018 is expected to be limited.
Production has exceeded forecasts so far this year and is currently
producing at circa 10,000 Mcf per day however it is unlikely that
this field will provide a material contribution during the
remainder of the year. The field may be shut in ahead of the
planned further development drilling.
In the meantime the Company continues to focus its capital and
management bandwidth on its strong South East Asian transaction
opportunity funnel, where progress is expected shortly.
For further information please contact:
Coro Energy Plc
j.menzies@coroenergyplc.com
James Menzies, Chief Executive
Officer s.edmonson@coroenergyplc.com
Sara Edmonson, Deputy Chief
Executive Officer
Grant Thornton UK LLP (Financial Tel: +44 (0)20 383
and Nominated Adviser) 5100
Colin Aaronson
Jen Clarke
Harrison J Clarke
Turner Pope Investments (TPI) Tel: +44 (0)20 3621
Ltd (Broker) 4120
Ben Turner info@turnerpope.com
James Pope
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END
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