Coro Energy, the South East Asian energy company focused on leading the regional transition to a low carbon economy, has announced that gas production at Sillaro has resumed and is currently producing at a stabilised rate of circa 17k scm/d with an expected 2022 average production rate of circa 13.5k scm/d.

As previously announced, buoyed by the strong European gas market backdrop and at current gas prices, the Company expects to generate in excess of €5 million per annum of free cash flow from its Italian portfolio now that Sillaro is back in production.

Coro Energy recently re-launch the Company's Italian portfolio following the termination of the previously agreed sale process.

Italian Portfolio Overview

• Gas producing portfolio in Italy with six production concessions.
• Current production from Rapagnano of c.6k scm/d.
• Sillaro, once back in production which is expected in March 2022, will add a further c.18k scm/d initially.
• The Board expects the Italian portfolio to generate in excess of €5 million of free cash flow in the next 12 months (assuming €1 per scm).
• Current geo-political conditions have seen gas prices in excess of €1.50 per scm
• As Europe transitions to a low carbon economy, gas is expected to play a vital transitional role and gas prices are projected to remain strong for the foreseeable future.
• Various low risk operations are expected to be carried out in the course of 2022 to further boost production, including a potential producing zone reperforation at Rapagnano, recompletion of Casa Tiberi (providing access to a lower horizon) and the initiation of development activities at the Sant' Alberto concession.  Sant' Alberto is an existing 55 Bcf discovery which historically successfully tested above 75k scm/d.