RNS Number : 7738P
Coro Energy PLC
14 February 2023

14 February 2023


Coro Energy Plc

("Coro" or the "Company")


Italian Legal Claim


Coro Energy Plc, the South East Asian energy company with a natural gas and clean energy portfolio, announces legal proceedings by the Company against an Italian contractor in relation to damages following the historical cessation of production at the Bezzecca field in Italy.  As previously announced Coro re-established production at Bezzecca in November 2022.

The Company alleges that the original construction at Bezzecca lacked an effective cathodic protection system which was required to avoid corrosion, which ultimately led to the shut-in of gas production at the Bezzecca field in March 2020 for safety and environmental reasons.

Having both filed a claim against the relevant contractor and completed an independent investigation to determine the reasons for the incident some time ago, the Company has now separately received a copy of the opinion of the expert appointed by the court assessing the merits of the Company's claim. The Company views the expert's opinion as strongly favourable to Coro's claim. The Company is now claiming damages of approximately Euro 300,000 for the capital and related costs of the replacement equipment and necessary cathodic protection and a further Euro 7M for consequential losses, including both lost revenue and incurred fixed costs, during the shut in period.

In accordance with the terms of the option agreement between the Company and Zodiac Energy plc for the potential sale of the Italian portfolio, details of which were originally announced by the Company on 24 August 2022, any proceeds from this legal claim on Bezzecca accrue to Coro.

For further information please contact:

Coro Energy plc

James Parsons, Executive Chairman

Ewen Ainsworth, Chief Financial Officer


Via Vigo Consulting Ltd




Cenkos Securities plc (Nominated Adviser)

Adrian Hadden

Ben Jeynes



Tel: 44 (0)20 7397 8900

Vigo Consulting (IR/PR Advisor)

Patrick d'Ancona

Charlie Neish


Tel: 44 (0)20 7390 0230

WH Ireland (Broker)

Harry Ansell

Katy Mitchell



  Tel: 44 (0)20 7220 1670 / 44 (0)113 946 618


Gneiss Energy Limited (Financial Advisor)

Jon Fitzpatrick

Doug Rycroft


  Tel: 44 (0)20 3983 9263





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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.