RNS Number : 2876C
Saffron Energy PLC
12 April 2017
 

 

12 April 2017

 

Saffron Energy Plc

("Saffron" or the "Company")

 

Final approval for first gas at Bezzecca

Saffron Energy plc (AIM: SRON), the natural gas producer with interests in northern Italy, is pleased to announce that it has received 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.

Bezzecca is located east of Milan within the established prolific, gas-producing Po Valley region in northern Italy and operated by Saffron's subsidiary Northsun Italia SPA (NSI). Gas from Bezzecca 1 is processed at the Vitalba processing plant and directly connected by the national grid.

Chief Executive Officer of Saffron Energy, Michael Masterman commented: "We are extremely excited to be announcing first gas at Bezzecca as it represents a significant commercial and financial milestone for Saffron coming within 7 weeks of the successful IPO. It will significantly increase the overall Saffron gas production and strengthen our position and portfolio."

 

About Saffron Energy PLC

Saffron Energy is a natural gas producer with interests in Northern Italy. Its portfolio includes one gas production (Sillaro), one near-term gas production field (Bezzecca (90%)) and an application for a near-term gas production field (Sant'Alberto), all near Milan and Bologna. Saffron Energy commenced trading on the London AIM Market under the ticker of SRON on 24 February 2017.

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

For more information, please visit www.saffronenergy.co.uk or contact the following:

Saffron Energy plc

44 (0) 7791288381

Michael Masterman, CEO

info@saffronenergy.co.uk



Grant Thornton UK LLP (Financial & Nominated Adviser)

44 (0) 207 383 5100

Colin Aaronson


Samantha Harrison


Harrison J Clarke




Turner Pope Investments (TPI) Ltd (Broker)

44 (0)2036214120

Ben Turner 

info@turnerpope.com 

James Pope




Cassiopeia Services (PR/IR)

44 (0) 7949690338

Stefania Barbaglio

Stefania@cassiopeia-ltd.com

 

 


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