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15 Feb 2019 | 07:51

Coro Energy says changes in Italian energy legislation to increase annual operating costs by €0.1m

Coro Energy said the recent introduction of changes to oil and gas and mining law in Italy would increase annual operating costs by approximately €0.1m. The Italian government introduced some changes to oil and gas and mining law through the 'Sustainable Energy Bill' on 12 February. These changes included, inter alia, an increase in surface fees and a temporary suspension in the permitting of activities for exploration licenses such as the drilling of exploration wells. With the exception of the increase in surface fees, which was expected to increase the company's annual operating costs by approximately €0.1m, these changes were not material to Coro Energy's Italian portfolio, which included five exploitation concessions, the company said. Should it become necessary, Coro Energy could, however, seek compensation for all exploration costs up to the withdrawal date as the legislation included a provision to allow companies, impacted by the changes in the law, to claim compensation.

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