Saffron Energy (LON: SRON) the AIM quoted European natural gas company with interests in Northern Italy, is pleased to announce that it has entered into non-binding conditional heads of terms (the “Heads of Terms”) with Sound Energy Plc (“Sound Energy”) and Po Valley Energy Limited (“Po Valley”) under which it is proposed that Saffron Energy acquires both Sound Energy’s and Po Valley Energy’s portfolio of Italian interests and permits.
Enlarged group to be renamed Coro Energy Plc
The proposed acquisition by Saffron of Sound Energy’s and Po Valleys Italian natural gas and oil assets as contemplated in the transaction adds significant larger assets to the Saffron portfolio including the Selva onshore gas field (2C 17bcf), the Teodorico offshore Adriatic gasfield (47bcf) development and the large Torre del Morro and Santa Maria Gorretti and Dalla gas exploration licences plus two smaller gas production fields.
The enlarged company would be re-named Coro Energy Plc (“Coro”) and, in addition to managing the enlarged Italian portfolio of assets, is positioning itself as a mid-cap regional gas producer and explorer. Key local executive staff from each of Sound Energy Italy, Po Valley Operations and the Company would be retained by Coro.
Saffron Energy’s CEO Michael Masterman speaks about the proposed Saffron Energy acquires both Sound Energy’s and Po Valley Energy’s portfolio of Italian interests and permits. Plus he is looking to be in the UK soon to update share holders.
Recorded 5 Oct 2017