Coro Energy PLC (AIM:CORO) has announced record third-quarter revenues from its Italian portfolio and flagged the expected re-establishment of production at Bezzecca.
The company said it is now looking to re-establish production Bezzecca in November, at an expected rate of 15,000 standard cubic metres (scm) per day, following successful procurement of long lead items and confirmation of Italian government inspection dates.
This followed a review by the South East Asia-focused company of potential production enhancement initiatives to further increase gas sales from the Italian portfolio to maximise revenues from the assets at this time of strong energy prices.
The existing Italian portfolio reported 1.18mln scm of gas for the quarter, sold for revenues of €2.12mln.
For the first nine months of the year production has reached 3.73mln scm, with unaudited revenue of €4.44mln.
Production in the third quarter was down on the second quarter due to sand clogging one downhole valve, with a coil tubing operation being prepared to try and resolve the issue.
After Coro said in August that it had agreed an option on a potential sale of the Italian portfolio for up to €7.5Mln, it reiterated that it “retains full ownership and cash flows” from the portfolio prior to the completion of the disposal.