22 November 2022
Coro Energy Plc
("Coro" or the "Company" and together with its subsidiaries the "Group")
Bezzecca Production Update
Coro Energy Plc, the South East Asian energy company with a natural gas and clean energy portfolio, is pleased, further to the Company's announcement of 9 November 2022 which confirmed the resumption of production at the Bezzecca gas field in Italy, to provide an update on stabilised production rates from Bezzecca.
Production commenced on 8 November 2022 and was initially constrained by the Company at lower rates which were increased gradually to keep the Water to Gas Ratio under control, with the plan to reach a stabilised production plateau following the best practices of reservoir management. The well has been producing at a stabilised rate of 15,000 scm/day since 18 November 2022 with very good pressure support giving good indications for the long term field performance.
James Parsons, Coro's Chairman, commented:
"I am delighted to announce that after having reached the stabilised rates in Bezzecca our total production in Italy has reached 21,000 scm/day from 3 fields which, combined with current gas prices, is providing very favourable cash flow generation.
Several options to resume production from Sillaro are still under review and further updates will be made, as appropriate, in due course."
For further information please contact:
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Coro Energy plc James Parsons, Executive Chairman Ewen Ainsworth, Chief Financial Officer
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Via Vigo Consulting Ltd
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Cenkos Securities plc (Nominated Adviser) Ben Jeynes Katy Birkin
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Tel: 44 (0)20 7397 8900 |
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Vigo Consulting (IR/PR Advisor) Patrick d'Ancona Charlie Neish
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Tel: 44 (0)20 7390 0230 |
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WH Ireland (Broker) Harry Ansell Katy Mitchell
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Tel: 44 (0)20 7220 1670 / 44 (0)113 946 618
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Gneiss Energy Limited (Financial Advisor) Jon Fitzpatrick Doug Rycroft
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Tel: 44 (0)20 3983 9263
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