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Coro Energy's Bezzecca field 'unlikely' to contribute this year
International gas explorer Coro Energy announced on Thursday that its Bezzecca gas field in Milan is "unlikely" to provide a material contribution during the year.
The AIM traded company instead iterated that it believes the project has "incremental production optionality", which it believes could strengthen the company's cash flow and help to fund its Asia growth strategy.
Production has exceeded forecasts so far this year and is currently running at circa 10,000 Mcf per day, but the field may shut ahead of further developments this year.
Planning is underway for a drilling programme at Bezzecca, where the company is seeking to exploit remaining proved and probable resources, and the company will soon initiate the review process with the department of mining and natural resources, as per Italian regulations.
Meanwhile, the company said that progress should be expected shortly in its "strong" South East Asian transaction opportunity funnel.
Coro Energy harbours ambitions of becoming "an established mid-cap Asian oil & gas player".
As of 1620 BST, Coro Energy's shares were up 3.94% at 3.30p.