leadf
logo-loader
RNS
viewCoro Energy PLC

Coro Energy PLC - Termination of SPA re Italian Disposal

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

James Parsons

 

 

Via Vigo Communications Ltd

 

 

Cenkos Securities plc (Nominated Adviser)

Ben Jeynes

Katy Birkin

 

 

Tel: 44 (0)20 7397 8900

Vigo Communications Ltd (IR/PR Advisor)

Patrick d'Ancona

Chris McMahon

 

 

Tel: 44 (0)20 7390 0230

Mirabaud Securities Ltd (Joint Broker)

Peter Krens

Ed Haig-Thomas

 

 

Tel: 44 (0)20 3167 7221

Canaccord Genuity Ltd (Joint Broker)

Henry Fitzgerald-O'Connor

James Asensio

 

Tel: 44 (0)20 7523 4617

 

 


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

Quick facts: Coro Energy PLC

Price: 0.27

Market: AIM
Market Cap: £2.14 m
Follow

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

3 min read