Coro Energy said it has agreed to a working capital adjustment for the sale of its Italian gas assets that will see it receive a cash payment of €1 million (£860,000).
Of the amount, €200,000 will be made within five business days with the balance of €800,000 to be paid in 22 monthly instalments.
A previously announced amount of €136,000 will also be paid in 23 monthly instalments.
In addition to the above two payments, Coro added it continues to have 10% NPI (net profit interest) on future profits from the Italian portfolio capped at €1.5m.
Non-executive directors Stephen Birrell and Naheed Menon have both agreed to step down by mutual consent with immediate effect.
As a result, the board is now composed of James Parsons, Executive Chairman, Tom Richardson, Non-Executive Director, and Marco Fumagalli, Non-Executive Director.