Coro Energy PLC has announced an acceleration in the receipt of a portion of the proceeds from the disposal of its Italian natural gas portfolio. The company sold its Italian natural gas portfolio, which includes a monthly payment of Euro 42,750 through to November 2025 and a final payment of Euro 26,750 in December 2025. All monthly payments have been received to-date. The company has signed an agreement to accelerate the next 9 months' payment in exchange for a 22% discount on those payments. As a result, the company will receive Euro 150,000 on June 14, 2024, and a further Euro 150,000 thirty days later. The monthly payments will restart from April 2025.
For further information, interested parties can contact Coro Energy plc via Vigo Consulting Ltd. The company's Nominated Adviser is Cavendish Capital Markets Limited, and the Nominated Broker is Hybridan LLP. Vigo Consulting serves as the IR/PR Advisor.
This update provides insight into Coro Energy PLC's financial activities and the acceleration of proceeds from the sale of its Italian natural gas portfolio. The agreement to receive an accelerated payment in exchange for a discount demonstrates the company's strategic approach to managing its financial resources.