Italian Regulatory Update

RNS Number : 1903Q

Coro Energy PLC

15 February 2019

 

15 February 2019

Coro Energy plc

("Coro" or the "Company")

Italian Regulatory Update

Coro Energy provides the following regulatory update concerning its production and exploration licenses located in the Republic of Italy.

On 12 February 2019, The Italian government has introduced some changes to oil and gas and mining law through the "Sustainable Energy Bill". These changes include, inter alia, an increase in surface fees as well as a temporary suspension in the permitting of activities for exploration licenses such as the drilling of exploration wells.

With the exception of the increase in surface fees, which is expected to increase group annual annual operating costs by approximately €0.1 MM, these changes are not material to Coro Energy's Italian portfolio, which consists of five exploitation (production) concessions. The portfolio of exploration licenses remains under review as part of the post merger integration process.

The legislation makes allowance for compensation for companies that are impacted. Should it become necessary, Coro Energy could seek compensation for all exploration costs up to the withdrawal date.   

For further information please contact:

Coro Energy Plc James Menzies, Chief Executive Officer                    Tel: [phone] Andrew Dennan, Chief Financial Officer Grant Thornton UK LLP (Financial and Nominated Adviser) Colin Aaronson Jen Clarke Harrison J Clarke Seamus Fricker                      Tel: [phone] Vigo Communications - PR Advisor   Patrick d'Ancona Chris McMahon                       Tel: [phone]
Mirabaud Securities Ltd (Joint Broker)
Peter Krens Ed Haig-Thomas	Tel: [phone]

Turner Pope Investments (TPI) Ltd (Joint Broker)
Ben Turner James Pope	Tel: [phone]

This announcement includes statements that are, or may be deemed to be, "forward-looking statements".  These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "envisages", "estimates", "anticipates", "projects", "expects", "intends", "may", "will", "could", "seeks" or "should" or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy plans, objectives, goals, future events or intentions.  These forward-looking statements include statements regarding the Company's and the Directors' current intentions, beliefs or expectations concerning, amongst other things, investment strategy, financing strategy, performance, results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in which the Company will operate.

By their nature, forward-looking statements involve risks (including unknown risks) and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future.  Forward-looking statements are not an assurance of future performance.  The Company's actual performance, results of operations, financial condition, liquidity and dividend policy and the development of the business sector in which the Company will operate, may differ materially from those suggested by the forward-looking statements contained in this announcement.  In addition, even if the Company's performance, results of operations, financial condition, liquidity and dividend policy and the development of the industry in which the Company will operate, are consistent with the forward-looking statements contained in this document, those results or developments may not be indicative of results or developments in subsequent periods.

Any forward-looking statements in this announcement reflect the Company's and the Directors' current view with respect to future events and are subject to risks relating to future events and other risks, uncertainties and assumptions relating to the matters referred to above.  Other than in accordance with the Company's obligations under the AIM Rules for Companies, the Company does not undertake to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

 

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