Coro Energy PLC said Monday that it has decided not to sell its Italian portfolio as it expects to benefit from a more than 5 million-euro ($5.5 million) rise in annual free cash flow once Sillaro is brought back into production.
The London-listed company, which has now ended the consultation process of the sale of Sillaro, said its Italian portfolio will provide a strong financial platform for the company amid rising gas prices in Europe.
“The board and Coro’s executive team, having completed a full review of the Italian assets, have agreed that to maximize shareholder value, the assets will no longer be marketed for sale and will instead be managed for value and cash flow,” it said.
Shares at 0828 GMT were up 0.02 pence, or 7.1%, at 0.38 pence.