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Coro Energy PLC on Friday reported a jump in revenue from its Italy-based operations despite a drop in gas production.
The London-based gas project developer said that in the third quarter ended September 30, production in Italy fell 27% to 1.2 million standard cubic metres from 1.6 million in the second quarter. Coro generated €2.0 million in revenue in the third quarter, up 29% from €1.6 million in the second quarter.
The company noted that the third quarter generated 45% of revenue in the nine months to September 30, despite accounting for just 32% of gas production.
Coro aims to re-establish production at the Bezzecca gas field, 35 kilometres east of Milan, during November. It anticipates a production of 15,000 standard cubic metres per day there.
The firm noted that production in the third quarter ‘reflects temporarily reduced levels from Sillaro [gas field] since 11 September 2022 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.’
Coro Energy shares were 5.0% higher at 0.31 pence each in London on Friday morning.
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