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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Coro Energy Plc | LSE:CORO | London | Ordinary Share | GB00BDCFP425 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.114 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Natural Gas Liquids | 6.71M | -4.12M | -0.0014 | -0.79 | 3.15M |
TIDMCORO
RNS Number : 6780U
Coro Energy PLC
31 July 2020
This announcement contains inside information
31 July 2020
Coro Energy plc
("Coro", the "Company" or together with its subsidiaries the "Group")
Termination of agreement to dispose of Italian operations
Coro Energy plc, the Southeast Asian focused upstream oil and gas company, announces the termination of the sale and purchase agreement entered into with Zenith Energy Ltd ("Zenith") in December 2019 ("SPA") relating to the proposed disposal by Coro of its entire Italian Portfolio (the "Disposal").
Completion of the Disposal was conditional on, inter alia, receipt of Italian regulatory approvals prior to a long stop date under the SPA of 31 July 2020, which will not be achieved. The SPA allowed for a possible extension of the long stop date to 31 October 2020 upon written request by Zenith and supported by reasonable documentation or other reasonable evidence demonstrating that Zenith had promptly throughout filed all necessary applications and related supporting documents and taken all other actions necessary to obtain all necessary approvals. Both parties have agreed that the likelihood of successfully completing the Disposal prior to 31 October 2020 is low, and therefore the SPA has been terminated by mutual agreement between the parties.
The Company will continue to prioritise the divestment of its non-core Italian operations, and further updates will be provided, as appropriate, in due course.
Coro Energy plc Via Vigo Communications James Parsons Ltd Cenkos Securities plc (Nominated Adviser) Tel: 44 (0)20 7397 8900 Ben Jeynes Katy Birkin Vigo Communications Ltd (IR/PR Advisor) Tel: 44 (0)20 7390 0230 Patrick d'Ancona Chris McMahon Mirabaud Securities Ltd (Joint Broker) Tel: 44 (0)20 3167 7221 Peter Krens Ed Haig-Thomas Canaccord Genuity Ltd (Joint Broker) Tel: 44 (0)20 7523 4617 Henry Fitzgerald-O'Connor James Asensio
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
DISSDIFMSESSEIW
(END) Dow Jones Newswires
July 31, 2020 02:00 ET (06:00 GMT)
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