Coro Energy PLC (AIM:CORO) told investors it has entered into good faith consultation with Dubai Energy Partners Inc (DEPI) to determine whether the previously agreed deal for Coro’s Italian gas portfolio can be completed.
It comes as the deadline for a regulatory approval exported on February 26.
“These regulatory approvals have not been received and, in accordance with the SPA, Coro has served a notice of non-fulfilment on DEPI and in doing so has commenced, as prescribed by the SPA, a 5 business-day good faith consultation period between the company and DEPI in order to determine whether completion of the disposal can be achieved,” Coro said in a statement.
It added: “The company remains conscious of recent positive developments in global gas prices since May 2021 and the resulting significant increase in the implied net asset value of its Italian portfolio.”