Coro Energy PLC (AIM:CORO) told investors its Italian gas assets generated €2.42mln of revenue in the first half, driven by a strong second quarter.
Some €1.56mln was generated in the second quarter, off 1.61mln cubic metres of gas production, versus €859,900 from 945,100 cubic metres in the preceding three-month period.
It comes as the company opted to retain the assets amidst higher European gas pricing.
“The increase in production in the second quarter of 2022 largely reflects Sillaro recommencing production mid-March and, as previously announced, various production enhancement initiatives are under review to further increase production of the Italian portfolio, of which the likely first initiative will be reservoir interval reperforation at Rapagnano later in the year,” Coro said in a statement.
Core also highlighted “continued momentum” in domestic Italian natural gas prices and said this is expected to deliver further increases in monthly revenues.