Coro Energy drilling results don’t fire up markets

The share price of AIM-listed upstream oil and gas firm Coro Energy (LON:CORO) has fallen by 8% to 2.07p (as of 12:35 GMT) after publishing test results for the Mako fields. While the exploration did improve the confirmed gas reserves in the field, the gas saturation levels and sandstone permeability were not as might have been hoped.

CEO James Menzies said: “We are delighted with the additional resource that has been proved up in the Mako field as a result of this campaign which we believe enhances the commercial attractiveness of the project. Coro management estimate that the campaign has demonstrated a gross resource addition of at least 100 Bcf and we look forward to the independent assessment of field resources which will follow“.