First Gas flows at Bezzecca
Saffron Energy plc (AIM: SRON), the natural gas producer with interests in northern Italy, is pleased to announce that first gas production from the Bezzecca gas field commenced on Thursday 13 April 2017. Commissioning and ramp-up leading to anticipated flow rates in the range of 30,000-40,000 scm per day, equivalent to 190-250 barrels of oil equivalent per day (boepd) will continue today following a short shut down over the Easter break.
Share Talk spoke with Michael Masterman, CEO of Saffron Energy today. We look into the company receiving the final approval from the Italian Ministry of Economic Development (UNMIG) for gas production at the Bezzecca gas field on 11 April 2017. Commissioning and gas production will commence in the coming days.
After today’s Initial Public Offering and successful acquisition of its assets in Italy we discuss why the company was able to acquire the producing assets. We talked about the listing on the AIM market and why it was unloved on the ASX market under its former name of Po Valley Energy. We speak about current production, the near term additional production plans and bringing a third well into production by the end of the year.