Coro Energy - Italian asset disposal and Bulu acquisition update
Coro Energy has provided an update on both the disposal of its non-core Italian assets and its Bulu PSC acquisition offshore East Java. Coro has entered into a conditional sale and purchase agreement with Zenith Energy for the disposal of its entire Italian portfolio for a consideration of £3.9m paid in new Zenith Energy shares. An initial consideration of £0.4m will be paid on completion of the deal and the rest is subject to certain production targets. Coro also announced the parties in the Bulu PSC continue to progress the transfer of the 42.5% participating interest in the PSC to Coro. With the acquisition not completed by the 2 December 2019 long-stop date due to a delay in receipt of approvals, the parties are now negotiating a further six-month extension.Coro Energy is engaged in the exploration for and production of liquid and gaseous hydrocarbons in the Lombardy and Emilia Romagna regions of the broader Po-Veneto plain within the territory of the Italian Republic.
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