Coro Energy (CORO)

Sector:

Energy Producers

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FTSE AIM All-Share

 0.28p
   
  • Change Today:
      0.000p
  • 52 Week High: 0.75
  • 52 Week Low: 0.24
  • Currency: UK Pounds
  • Shares Issued: 2,111.62m
  • Volume: 1,559,818
  • Market Cap: £5.86m
  • RiskGrade: 570

Production planning finalised at Bezzecca, says Saffron Energy

By Josh White

Date: Friday 12 May 2017

LONDON (ShareCast) - (ShareCast News) - Italy-focussed natural gas producer Saffron Energy announced on Friday that testing of the primary production layers from the Bezzecca well was complete, and production planning had been finalised.
The AIM-traded firm said its initial plan now was to operate all three levels with an estimated combined flow of 30,000-35,000 cubic meters per day.

It said steady commingled production would be achieved through the installation of a downhole choke above the Miocene level R.

Level A in the Pliocene had flowed in excess of the planned production rates at stabilised flows of 20,000-25,000 scm/day, and was on production, the board said.

That flow rate was above the levels estimated in the CPR.

Level R in the Miocene had also been tested and flowed at 25,000 scm/day - slightly below CPR estimates.

In addition, level S was flow tested for a shorter period, and would contribute to production at around 5,000-10,000 scm/day.

Saffron said production would continue in level A at 20,000-25,000 scm/day up to the end of June, with production levels increasing to 30,000-35,000 scm/day from early July when levels R and S would be added, once the bottom hole choke was delivered and installed.

"It's a very important achievement for Saffron to have moved into revenue producing commercial production at Bezzecca following completion of the commissioning and testing stage," said Saffron chief executive Michael Masterman.

"Level A is now in production, producing above expected rates."

Masterman said the company was looking forward to further increasing production in July when it moved to commingled production from all three levels.

"We are also on track to bring Sant'alberto on stream in Q4 2017 as well as actively seeking new opportunities to substantially increase revenue and production within the group."

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Coro Energy Market Data

Currency UK Pounds
Share Price 0.28p
Change Today 0.000p
% Change 0.00 %
52 Week High 0.75
52 Week Low 0.24
Volume 1,559,818
Shares Issued 2,111.62m
Market Cap £5.86m
RiskGrade 570

Coro Energy Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
23.62% below the market average23.62% below the market average23.62% below the market average23.62% below the market average23.62% below the market average
20.99% above the sector average20.99% above the sector average20.99% above the sector average20.99% above the sector average20.99% above the sector average
Price Trend
97.8% below the market average97.8% below the market average97.8% below the market average97.8% below the market average97.8% below the market average
97.83% below the sector average97.83% below the sector average97.83% below the sector average97.83% below the sector average97.83% below the sector average
Income Not Available
Growth Not Available

Coro Energy Dividends

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Coro Energy Key Personnel

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