Coro Energy reaches record revenue in third quarter

South-east Asia-focussed Coro Energy updated the market on its third quarter on Friday, reaching record revenue levels of more than €2m in the period.

The AIM-traded firm said its production in the three months totalled 1,177,821 standard cubic metres, compared to 1,610,900 in the second quarter and 945,100 in the first.

Its unaudited third-quarter revenue came in at €2.02m, up from €1.57m in the second quarter and €0.86m in the first.

For the first nine months of the year, production totalled 3,733,821 standard cubic metres, with unaudited revenue totalling €4.44m.

“Coro previously announced the review of various production enhancement initiatives to further increase gas sales from the Italian portfolio to maximise revenues from the assets at a time of supportive commodity prices,” the board added in its statement.

It said that, following the successful procurement of long-lead items and confirmation of UNMIG inspection dates, it was now looking to re-establish production at Bezzecca at an expected rate of 15,000 standard cubic metres per day, during November.

The board said production in the third quarter reflected temporarily reduced levels from Sillaro since 11 September, following the identification of sand clogging in a downhole valve.

“A coil tubing operation is currently under preparation, which is expected to resolve the issue.

“Further to the announcement on 24 August, concerning the award of an option for the disposal of the Italian portfolio, the company retains full ownership and cash flows from the Italian portfolio prior to the completion of the disposal.”

At 1114 BST, shares in Coro Energy were up 4.03% at 0.31p.

Reporting by Josh White at Sharecast.com.