Coro Energy PLC (AIM:CORO) has updated investors on its legal proceedings against an Italian contractor and related to damages incurred following the cessation of gas production at Italy's Bezzecca field in 2020.
In a statement, Coro detailed its claim which concerns construction practices that exposed equipment to corrosion, which the company alleges led to the field's shutdown in March 2020 amid safety and environmental factors – before production was later resumed in November 2022.
Coro previously announced its intention to seek legal recourse, for a €300,000 claim for equipment replacement and protective measures, alongside €7 million for consequential losses during the shutdown. The case is now scheduled for a first hearing on 5 June 2024, the company today noted.
The company has subsequently divested its Italian gas portfolio, but it retains rights to any financial outcomes from the legal claim.