StockMarketWire.com - Oil company Coro Energy said it had terminated an agreement to sell its Italian assets to Zenith Energy.

Completion of the deal was was conditional on Italian regulatory approvals, which Coro Energy said would not be achieved by a 31 July deadline.

The purchase agreement allowed for a possible extension to 31 October upon written request by Zenith and supported by evidence demonstrating that Zenith was working to obtain necessary approvals.

'Both parties have agreed that the likelihood of successfully completing the disposal prior to 31 October is low, and therefore the sale and purchase agreement has been terminated by mutual agreement between the parties,' Coro Energy said.

'The company will continue to prioritise the divestment of its non-core Italian operations, and further updates will be provided, as appropriate, in due course.'


At 9:47am: [LON:CORO] Coro Energy Plc Ord 0.1p share price was -0.08p at 0.33p



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