Termination of SPA re Italian Disposal

RNS Number : 6780U

Coro Energy PLC

31 July 2020

 

This announcement contains inside information

31 July 2020

Coro Energy plc

("Coro", the "Company" or together with its subsidiaries the "Group")

Termination of agreement to dispose of Italian operations

Coro Energy plc, the Southeast Asian focused upstream oil and gas company, announces the termination of the sale and purchase agreement entered into with Zenith Energy Ltd ("Zenith") in December 2019 ("SPA") relating to the proposed disposal by Coro of its entire Italian Portfolio (the "Disposal").

Completion of the Disposal was conditional on, inter alia, receipt of Italian regulatory approvals prior to a long stop date under the SPA of 31 July 2020, which will not be achieved. The SPA allowed for a possible extension of the long stop date to 31 October 2020 upon written request by Zenith and supported by reasonable documentation or other reasonable evidence demonstrating that Zenith had promptly throughout filed all necessary applications and related supporting documents and taken all other actions necessary to obtain all necessary approvals. Both parties have agreed that the likelihood of successfully completing the Disposal prior to 31 October 2020 is low, and therefore the SPA has been terminated by mutual agreement between the parties.

The Company will continue to prioritise the divestment of its non-core Italian operations, and further updates will be provided, as appropriate, in due course.

Coro Energy plc James Parsons	Via Vigo Communications Ltd
Cenkos Securities plc (Nominated Adviser) Ben Jeynes Katy Birkin	Tel: [phone]
Vigo Communications Ltd (IR/PR Advisor) Patrick d'Ancona Chris McMahon	Tel: [phone]
Mirabaud Securities Ltd (Joint Broker) Peter Krens Ed Haig-Thomas	Tel: [phone]
Canaccord Genuity Ltd (Joint Broker) Henry Fitzgerald-O'Connor James Asensio	Tel: [phone]

 

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