DAVY VIEW

Consistent with recent comments that it would engage with shareholders in relation to the further funding of its short-term working capital requirements through the completion of its ongoing strategic investment process, Corre Energy has announced that its founder shareholders, alongside another long-term shareholder, will invest c.€2m in the business by way of subscription agreement. Total funds raised are expected to be increased further by a separate placing, to be launched in the coming days. The resulting >€2m proceeds likely add approximately three months to its working capital runway, assuming a current monthly cash burn rate of c.€0.7-0.8m. It provides an important financial backstop for the business through the completion of its ongoing strategic investment process, which we understand is progressing in line with expectations.