As Coro Energy Plc (LON:CORO) reported half-year results it reflected on the ‘transformational’ period which saw the rebooted company formed through the combination of Sound Energy’s Italian assets and Saffron Energy.
It saw a reconfiguration of the board alongside the appointment of a new chief executive and chief financial officer. The company opened an office in London and raised €16.1mln with a view to expansion in South East Asia.
More recently, in the current reporting period, the company entered into its first new transaction – agreeing to acquire a 42% interest in the Bulu PSC.
James Menzies, Coro's chief executive officer, commented: "With the first transaction now signed, we are continuing to build momentum, with a pipeline of accretive deals continuing to be developed."
In terms of the half-year performance, Coro reported that production totalled 203mln cubic feet of gas, 1.3mln cubic feet per day, and it generated €1.1mln of revenue in the six months.
Coro highlighted that Italian gas prices were strong during the period, averaging €6 per thousand cubic feet.
The group’s cash balance amounted to €14.1mln at the end of June.