Coro Energy PLC (AIM:CORO) has said that production from its Italian portfolio in the week ended January 8, 2023, was up 50% over this time a year ago at 21,091 standard cubic metres per day (scm/day) on average.
The higher production reflects the restart of the Bezzecca field on 8 November, the company noted, which is producing at a stabilised rate of just over 15,000 scm/day, though its other field, Sillaro, is still being affected by sand clogging.
Over the period between March 2022 and 30 November 2022, Coro's Italian portfolio generated approximately €2.1mln of free cash flow, which mainly has been used to fund its pilot 3Mw Vietnam rooftop solar project,
An option has been granted to Zodiac Energy that expires in March 2023 to acquire the Italian portfolio for €5.7mln and Coro added that it is working on finalising this deal.
In Vietnam, Coro said it is negotiating terms for a second new build rooftop solar project and carrying out due diligence 3.25Mw rooftop solar portfolio close to Saigon.
In the Philippines, however, an application for the onshore Oslob Wind Power Project in Oslob, Cebu has been rejected due to the under-capitalisation of the local subsidiary responsible for the application.
Coro said intends to capitalise the local subsidiary as required and resubmit the application.