Coro Energy PLC (AIM:CORO), the South East Asian energy company with a natural gas and clean energy portfolio, has provided an update on stabilised production rates from the Bezzecca gas field in Italy following its announcement on November 9, 2022, which confirmed the resumption of production at the field.
The company said that production commenced on November 8, 2022, and was initially constrained by the company at lower rates which were increased gradually to keep the Water to Gas Ratio under control, with the plan to reach a stabilised production plateau following the best practices of reservoir management.
Coro noted that the well has been producing at a stabilised rate of 15,000 standard cubic metres per day (scm/day) since November 18, 2022, with very good pressure support giving good indications for the long-term field performance.
In a statement, James Parsons, Coro's chairman, commented: "I am delighted to announce that after having reached the stabilised rates in Bezzecca our total production in Italy has reached 21,000 scm/day from 3 fields which, combined with current gas prices, is providing very favourable cash flow generation.
"Several options to resume production from Sillaro are still under review and further updates will be made, as appropriate, in due course."