Coro Energy PLC has announced the completion of the sale of its Italian portfolio. The sale has been approved by the Italian regulatory authorities and has been completed. The total consideration for the sale is up to Euro 7.4 million, which includes Euro 5.86 million upfront consideration and a 10% NPI on future profits capped at Euro 1.5 million. The company has already received Euro 2.5 million of the upfront consideration as an advance payment. The remaining upfront consideration due at completion was offset against a debt owed by the Italian portfolio to the company's subsidiary and the Italian portfolio's tax liability. The company received Euro 0.67 million in cash at completion in satisfaction of the upfront consideration then due and repayment of the Italian portfolio's debt. The company will receive a further Euro 0.14 million in cash from the purchaser in settlement of the balance of the upfront consideration. In addition to the total consideration, the sale and purchase agreement contains a working capital adjustment, which is estimated to result in a payment by the purchaser to Coro of Euro 1 million to Euro 2 million. The working capital adjustment will either be settled in cash or in instalments via the assignment of 70% of the distributable annual profits of the Italian portfolio until the adjustment is paid in full. If the adjustment is not paid in full by 31 December 2027, the remaining balance will be immediately payable. Chairman James Parsons commented that with the completion of the Italian sale, Coro can now focus on South East Asia and the Duyung PSC farm out process.