LONDON (ShareCast) - (Sharecast News) - Coro Energy updated the market on the re-launch of its Italian portfolio on Monday, following the termination of the previously-agreed sale and given Italian gas prices had now reached around €1.55 per standard cubic metre (366p per therm).
The AIM-traded firm said that was a 700% rise over the last 12 months.

It said it now expected to generate more than €5m per annum in free cash flow from its Italian portfolio, once Sillaro was brought back into production, which was expected in March.

Following 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 previously-agreed sale process and would not be marketing the Italian portfolio for sale.

It said cash flows from the Italian portfolio would support its south-east Asia growth strategy.

"I am delighted to report that recent market changes have provided a clear opportunity for the re-spawning of our Italian portfolio with a view to providing solid near-term cash flows to support our south-east Asian growth strategy," said chief executive officer Mark Hood.

At 1454 GMT, shares in Coro Energy were up 3.43% at 0.36p.

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