Coro Energy informed the market of the relaunch of its Italian portfolio on Monday, following the termination of the previously agreed sale and given that Italian gas prices had now reached around €1.55 per standard cubic meter (366p per therm).
The AIM-listed company said that was a 700% increase over the past 12 months.
He said he now expects to generate more than €5m a year in free cash flow from his Italian portfolio once Sillaro returns to production, which was expected in March.
Following the termination of the conditional sale and purchase agreement between the company and Dubai Energy Partners for the disposal of the Italian portfolio and, in light of the new economic outlook, Coro said it had terminated the process of previously agreed sale and would not market the Italian Portfolio for sale.
He said cash flow from the Italian portfolio would support his growth strategy in Southeast Asia.
“I am delighted to report that recent market changes have provided a clear opportunity for the rebirth of our Italian portfolio to provide strong near-term cash flow to support our growth strategy in Southeast Asia.” , said the general manager. Mark Hood.
At 1454 GMT, shares of Coro Energy were up 3.43% to 0.36p.