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Saffron Energy (SRON)
Bullshare
- 24 Feb 2017 15:09
Anyone taken a punt on this stock, which floated today?
dreamcatcher
- 24 Feb 2017 15:22
- 2 of 67
I read about the company. It has a lot of operations in Italy. Italy not the fastest place to do business in the world, as Sound energy know.
Bullshare
- 27 Feb 2017 09:34
- 3 of 67
dreamcatcher: I agree but Saffron are producing some gas so must have got round the rules.
dreamcatcher
- 02 Mar 2017 18:40
- 4 of 67
Proactive investor -
Italy-focused Saffron Energy has gas flow and cash flow, says CEO
Share
11:21 01 Mar 2017
The shares have made a very decent start to life on AIM. Listed for 5p each, they are currently changing hands for 7.4p, having been as high as 8p.
Hooked up: Saffron taps directly into the gas grid
"We’ve got gas flow and cash flow,” said Michael Masterman, chief executive of Italy-focused Saffron Energy plc (LON:SPRON), shortly after the launch of his latest AIM project.
Masterman, also chairman and co-founder of tungsten, gold and copper play W Resources (LON:WRES), will be popular with those who invested in Friday’s IPO.
For the stock, placed with shareholders at 5p, is currently changing hands for 7.4p and has been as high as 8p.
The company raised £2.5mln from the process, which will fund its growth from one to three wells with output expanding from 1.5mln standard cubic feet of gas a day to 4mln in 36 months.
Saffron is as close as you’re every likely get to an oven-ready investment in oil and gas sector.
It already has a producing gas well in the form of Sillaro, near Bologna.
The second, Bezzecca, near Milan, is set to come on line towards the end of next month, while the trio will be complete when Sant’Alberto is completed towards the end of the 2017.
Most of the IPO cash will be used to develop Sant’Alberto and to repay the bridge finance for Bezzecca.
“We have pre-funded Bezzecca through the support of our non-executive directors,” said Masterman.
“Sant’Alberto is the primary use of the capital.”
Now, Sillaro, Bezzecca and Sant’Alberto aren’t frontier developments in the back of beyond where access to the market and infrastructure is limited and costly.
Their wells tap directly into the local grid, while the gas plants are “fully automated and very cheap to run”, says Masterman.
It means the company makes a very decent margin at the prevailing rate at 21-22 euro cents per cubic metre, up from 14 cents at the start of last year.
And that’s the point - prices in Italy are healthy. This isn’t like producing gas in the US where you almost have to give it away.
Saffron’s deal with Shell Trading allows Saffron to lock in a price if it so wishes.
Those who have followed the story know the company is a spin-out from the Aussie-listed, Italy-focused explorer and developer Po Valley, which is chaired by Masterman.
The plan to list assets here in the UK was borne of the recognition that the ASX probably wasn’t the best place to showcase their potential.
“There was limited liquidity and to some extent Po Valley was orphaned; certainly the market capitalisation didn’t reflect the quality of what we owned,” said Masterman.
“[Saffron] has clearly demonstrated if you get these assets capitalised you can then focus on what can be done in a timely way.”
Via the UK equity market, the three projects will receive the capital injection they require.
Not that the new investors have been short-changed. The fields are estimated to host 8.7bn cubic feet of gas, while the newly-listed company also owns seven kilometres of pipeline and two gas plants.
“We have a strong and fundamentally attractive set of assets,” said the Saffron boss.
Turning to production, the schedule sees output peaking in 2019.
But as Masterman pointed out: “We have a management team that in a three-year time horizon will add additional production, so it will keep going up rather than down due to the natural decline curve.”
Research by Turner Pope Investments, penned by industry veteran Barney Gray, sees Saffron generating revenues of €3.62mln this year, rising to €6.09mln and then €8.93mln.
By 2019 the cash flow before tax should be in the order of €6.84mln, analyst Gray reckons.
In other words there is significant cash flow to go with the three-well gas flow.
Italy-focused Saffron Energy has gas flow and cash flow, says CEO
Share
11:21 01 Mar 2017
The shares have made a very decent start to life on AIM. Listed for 5p each, they are currently changing hands for 7.4p, having been as high as 8p.
Hooked up: Saffron taps directly into the gas grid
"We’ve got gas flow and cash flow,” said Michael Masterman, chief executive of Italy-focused Saffron Energy plc (LON:SPRON), shortly after the launch of his latest AIM project.
Masterman, also chairman and co-founder of tungsten, gold and copper play W Resources (LON:WRES), will be popular with those who invested in Friday’s IPO.
For the stock, placed with shareholders at 5p, is currently changing hands for 7.4p and has been as high as 8p.
The company raised £2.5mln from the process, which will fund its growth from one to three wells with output expanding from 1.5mln standard cubic feet of gas a day to 4mln in 36 months.
Saffron is as close as you’re every likely get to an oven-ready investment in oil and gas sector.
It already has a producing gas well in the form of Sillaro, near Bologna.
The second, Bezzecca, near Milan, is set to come on line towards the end of next month, while the trio will be complete when Sant’Alberto is completed towards the end of the 2017.
Most of the IPO cash will be used to develop Sant’Alberto and to repay the bridge finance for Bezzecca.
“We have pre-funded Bezzecca through the support of our non-executive directors,” said Masterman.
“Sant’Alberto is the primary use of the capital.”
Now, Sillaro, Bezzecca and Sant’Alberto aren’t frontier developments in the back of beyond where access to the market and infrastructure is limited and costly.
Their wells tap directly into the local grid, while the gas plants are “fully automated and very cheap to run”, says Masterman.
It means the company makes a very decent margin at the prevailing rate at 21-22 euro cents per cubic metre, up from 14 cents at the start of last year.
And that’s the point - prices in Italy are healthy. This isn’t like producing gas in the US where you almost have to give it away.
Saffron’s deal with Shell Trading allows Saffron to lock in a price if it so wishes.
Those who have followed the story know the company is a spin-out from the Aussie-listed, Italy-focused explorer and developer Po Valley, which is chaired by Masterman.
The plan to list assets here in the UK was borne of the recognition that the ASX probably wasn’t the best place to showcase their potential.
“There was limited liquidity and to some extent Po Valley was orphaned; certainly the market capitalisation didn’t reflect the quality of what we owned,” said Masterman.
“[Saffron] has clearly demonstrated if you get these assets capitalised you can then focus on what can be done in a timely way.”
Via the UK equity market, the three projects will receive the capital injection they require.
Not that the new investors have been short-changed. The fields are estimated to host 8.7bn cubic feet of gas, while the newly-listed company also owns seven kilometres of pipeline and two gas plants.
“We have a strong and fundamentally attractive set of assets,” said the Saffron boss.
Turning to production, the schedule sees output peaking in 2019.
But as Masterman pointed out: “We have a management team that in a three-year time horizon will add additional production, so it will keep going up rather than down due to the natural decline curve.”
Research by Turner Pope Investments, penned by industry veteran Barney Gray, sees Saffron generating revenues of €3.62mln this year, rising to €6.09mln and then €8.93mln.
By 2019 the cash flow before tax should be in the order of €6.84mln, analyst Gray reckons.
In other words there is significant cash flow to go with the three-well gas flow.
dreamcatcher
- 03 Mar 2017 13:52
- 5 of 67
Thanks Bullshare, jumped in today.
dreamcatcher
- 03 Mar 2017 15:07
- 6 of 67
All coming up as sells, when blue buys.
VICTIM - 03 Mar 2017 15:16 - 7 of 67
I've seen that when i've bought stock , it seems that when the buy price is so near sell price it's taken as a sell. Shouldn't affect things though .
dreamcatcher
- 03 Mar 2017 15:21
- 8 of 67
Cheers VICTIM
dreamcatcher
- 03 Mar 2017 15:22
- 9 of 67
It seemed to put the run of blue on hold. :-))
Bullshare
- 03 Mar 2017 16:22
- 10 of 67
a good day today, off its high before close but still a 10% gain
dreamcatcher
- 03 Mar 2017 16:27
- 11 of 67
Thanks again. :-)) Moves fast.
dreamcatcher
- 04 Mar 2017 18:49
- 12 of 67
dreamcatcher
- 04 Mar 2017 19:50
- 13 of 67
The S. Maddalena gas field (S. Alberto licence) is located very near the Sillaro field.
This concession application received environmental clearance and the Company is awaiting the finalization of the production concession license. The field will require a simple development including a small modular plant to treat the gas and a short pipeline (200 metres) to connect the plant to the national grid. First gas is expected in the 2017 European summer.
The Bezzecca gas field is an approved production field ready to bring into production.
Its first well, Bezzecca 1 is located 7 km from the existing Vitalba gas production plant and is ready for to be connected through a newly constructed tie-in pipeline. All approvals and agreements with land owners for the pipeline are in place and a head contract for construction has been signed. The cost of the pipeline is expected to be EUR2.2m and contracts for construction have been signed. Construction commenced in mid-September and, subject to weather conditions, is expected to be completed over a twenty-week period. After a short commissioning period production will commence.
Development approval has also been granted for a second production well (Bezzecca 2) and plans to drill and complete this well will commence in 2017 once the Bezzecca 1 well has been brought into production. Gas from Bezzecca 2 will also be processed from the Vitalba processing plant which has sufficient capacity for both the Bezzecca 1 and 2 wells.
The Sillaro field is located in the province of Bologna and was originally explored by ENI between 1955 and 1982 with seven wells drilled in and around the structure.
The field contains gas bearing zones in the Pliocene level at a depth of 2,100 metres. The deeper Miocene level, at a depth of 2,500 metres, was previously drilled by ENI and found to have a gas bearing reservoir.
In July 2009, drilled it was drilled a second well (Sillaro-2dir) intersecting the Pliocene gas reservoirs designed to produce from multiple levels and to increase overall flow rates and optimise total field recovery.
Since production commenced in 2010, Sillaro has proved a strong revenue and cash flow generator, generating over EUR 30 million in revenue and EUR 23 million in operating cashflow.
The Sillaro gas production field is currently producing at limited rates from one of its two historic production wells. The field still has unproduced gas from its Pliocene reserves and also from the deeper Myocene levels. The plan for this field is to secure a farm-in partner to drill a side track well from the existing production area to access the deeper Miocene reserves and Pliocene levels which have been identified but are not currently completed.
This concession application received environmental clearance and the Company is awaiting the finalization of the production concession license. The field will require a simple development including a small modular plant to treat the gas and a short pipeline (200 metres) to connect the plant to the national grid. First gas is expected in the 2017 European summer.
The Bezzecca gas field is an approved production field ready to bring into production.
Its first well, Bezzecca 1 is located 7 km from the existing Vitalba gas production plant and is ready for to be connected through a newly constructed tie-in pipeline. All approvals and agreements with land owners for the pipeline are in place and a head contract for construction has been signed. The cost of the pipeline is expected to be EUR2.2m and contracts for construction have been signed. Construction commenced in mid-September and, subject to weather conditions, is expected to be completed over a twenty-week period. After a short commissioning period production will commence.
Development approval has also been granted for a second production well (Bezzecca 2) and plans to drill and complete this well will commence in 2017 once the Bezzecca 1 well has been brought into production. Gas from Bezzecca 2 will also be processed from the Vitalba processing plant which has sufficient capacity for both the Bezzecca 1 and 2 wells.
The Sillaro field is located in the province of Bologna and was originally explored by ENI between 1955 and 1982 with seven wells drilled in and around the structure.
The field contains gas bearing zones in the Pliocene level at a depth of 2,100 metres. The deeper Miocene level, at a depth of 2,500 metres, was previously drilled by ENI and found to have a gas bearing reservoir.
In July 2009, drilled it was drilled a second well (Sillaro-2dir) intersecting the Pliocene gas reservoirs designed to produce from multiple levels and to increase overall flow rates and optimise total field recovery.
Since production commenced in 2010, Sillaro has proved a strong revenue and cash flow generator, generating over EUR 30 million in revenue and EUR 23 million in operating cashflow.
The Sillaro gas production field is currently producing at limited rates from one of its two historic production wells. The field still has unproduced gas from its Pliocene reserves and also from the deeper Myocene levels. The plan for this field is to secure a farm-in partner to drill a side track well from the existing production area to access the deeper Miocene reserves and Pliocene levels which have been identified but are not currently completed.
dreamcatcher
- 04 Mar 2017 19:55
- 14 of 67
The percentage of the Company’s issued share capital that is not in public hands is 65.70%.
There are no Ordinary Shares held in treasury and therefore the number of Ordinary Shares with voting rights is 153,720,000
The securities of the Company are solely traded on the AIM market operated by London Stock Exchange Plc. Its shares have not been admitted, nor have any applications been made, for any of its shares to be admitted or traded on any other exchanges or trading platform.
Significant shareholders
Shareholder
Shares issued
% ownership
Po Valley Energy Limited
100,000,000
65.05%
There are no Ordinary Shares held in treasury and therefore the number of Ordinary Shares with voting rights is 153,720,000
The securities of the Company are solely traded on the AIM market operated by London Stock Exchange Plc. Its shares have not been admitted, nor have any applications been made, for any of its shares to be admitted or traded on any other exchanges or trading platform.
Significant shareholders
Shareholder
Shares issued
% ownership
Po Valley Energy Limited
100,000,000
65.05%
dreamcatcher
- 04 Mar 2017 20:00
- 15 of 67
Australia’s Po Valley Energy Ltd (ASX: PVE), which has oil & gas exploration, development and production interests in northern Italy, has announced an updated timetable for the spin-out of its subsidiary, Saffron Energy Plc (Saffron Energy) and anticipated listing later this month on London’s AIM market around 24 February.
The listing of Saffron, which will own one gas production (Sillaro) and two near-term gas production fields (Bezzecca (90%) and Sant’Alberto) near Milan and Bologna previously owned by PVE, includes a A$4 million IPO capital raising to primarily fund accelerated development of all three gas field assets.
Company Profile
Po Valley Energy Limited (PVE) is an emerging Oil&Gas exploration and development Company with an expanding portfolio of hydrocarbon assets in northern Italy.
The Company owns and operates two gas treatment plants, with more gas and oil developments to come.
Po Valley was the first E&P Company to bring new production to the Po Valley region since the end of the ENI-Agip monopoly and the liberalisation of the Italian gas market in 1998.
The Company, listed on the Australian Stock Exchange on 14 December 2004 and through its subsidiaries Northsun Italia S.p.A and Po Valley Operations Pty Ltd, holds 12 licence areas, encompassing 2,000 sq kilometers (494,200 acres).
Having operated in Italy for the past 10 years, the Company is experienced in Italy's regulatory process and has successfully managed each stage of the exploration and production business.
The Company's presence in Italy and local management team represents significant competitive advantage not enjoyed by newer entrants seeking to find success in the Italian market.
Po Valley has continued to grow its portfolio of assets at a very low cost relative to other oil and gas companies, providing the basis for future shareholder value creation. Italy remains an attractive market with gas and oil being of high quality, an accessible and low cost transportation network and a pricing environment that has been stable and higher than other comparable European countries.
Strategically, therefore, the Company is well positioned for accelerating and sustaining growth.
The listing of Saffron, which will own one gas production (Sillaro) and two near-term gas production fields (Bezzecca (90%) and Sant’Alberto) near Milan and Bologna previously owned by PVE, includes a A$4 million IPO capital raising to primarily fund accelerated development of all three gas field assets.
Company Profile
Po Valley Energy Limited (PVE) is an emerging Oil&Gas exploration and development Company with an expanding portfolio of hydrocarbon assets in northern Italy.
The Company owns and operates two gas treatment plants, with more gas and oil developments to come.
Po Valley was the first E&P Company to bring new production to the Po Valley region since the end of the ENI-Agip monopoly and the liberalisation of the Italian gas market in 1998.
The Company, listed on the Australian Stock Exchange on 14 December 2004 and through its subsidiaries Northsun Italia S.p.A and Po Valley Operations Pty Ltd, holds 12 licence areas, encompassing 2,000 sq kilometers (494,200 acres).
Having operated in Italy for the past 10 years, the Company is experienced in Italy's regulatory process and has successfully managed each stage of the exploration and production business.
The Company's presence in Italy and local management team represents significant competitive advantage not enjoyed by newer entrants seeking to find success in the Italian market.
Po Valley has continued to grow its portfolio of assets at a very low cost relative to other oil and gas companies, providing the basis for future shareholder value creation. Italy remains an attractive market with gas and oil being of high quality, an accessible and low cost transportation network and a pricing environment that has been stable and higher than other comparable European countries.
Strategically, therefore, the Company is well positioned for accelerating and sustaining growth.
dreamcatcher
- 04 Mar 2017 20:32
- 16 of 67
Answers my question - Why the aim market and not the ASX market?
we have a huge investment base to drive this company forward
we have a huge investment base to drive this company forward
VICTIM - 07 Mar 2017 11:11 - 17 of 67
I watched this , went for me cuppa and they bang it up 10% . These cuppa's cost me .
dreamcatcher
- 07 Mar 2017 16:27
- 18 of 67
Did you buy any ?
VICTIM - 07 Mar 2017 16:38 - 19 of 67
No dream , there's tremendous buying going on here though .
dreamcatcher
- 07 Mar 2017 16:42
- 20 of 67
I personally think they were too cheap.
dreamcatcher
- 14 Mar 2017 16:32
- 21 of 67
Extension offtake agreement with Shell
RNS
RNS Number : 3433Z
Saffron Energy PLC
14 March 2017
14 March 2017
Saffron Energy plc
("Saffron Energy", the "Company" or, together with its subsidiaries, the "Group")
Northsun Italia S.p.A. ("Northsun") - subsidiary of Saffron Energy - extends offtake agreement with Shell Energy Italia
Natural gas developer and producer Saffron Energy (AIM:SRON) announces the extension of the natural gas offtake contract between its Italian subsidiary Northsun and Shell Energy Italia S.r.l. ("Shell Energy Italia")- a subsidiary of Shell- for energy commodity trading and marketing.
The contract has been extended to 1 October 2018, with an option to extend for a further year to 1 October 2019, and provides for offtake of gas supply for all of the Group's Italian gas fields.
Gas produced from the Company's fields is transported directly into the Italian national grid, which is owned and operated by SNAM Rete Gas S.p.A.
Michael Masterman, CEO of Saffron Energy, commented: "The contract signed with Shell Energy Italia is a key element for our business, as we continue to have a buyer in line for the gas produced from our future assets, a benefit for the Company's cash flow.
Northsun Italia S.p.A., the Group's wholly-owned Italian subsidiary, has been supplying Shell Energy Italia with natural gas for a period of 4 years, with a contractual formula that allows the Company to mitigate the market risks. The Italian market is considered a premium pricing market compared with other international markets, with the spot price now trading at around EUR 19.44 cent per cubic metre.
The Italian gas market is robust and attractive due to the high-quality gas produced, an accessible low-cost transportation network, paired together with a pricing environment that has been stable and higher than other comparable European countries: spot gas prices have risen significantly over the last 12 months from €14 cent per cubic metrer to around € 20 cent per cubic metre.
Selling our gas on the Italian gas market allows us to take advantage of the premium prices of this market. Shell's networks supply gas throughout Italy."
Michele Petz, Country Lead & Commercial Manager of Shell Energy Italia, said: "This extended agreement confirms the leading role of Shell Energy Italia as off-taker for independent gas producers in the Italian market."
According to the SNAM Rete Gas ten-year network development plan 2015-2024, Italy consumed 2.2 tcf in gas in 2014, which is expected to grow at 2.1% per annum until 2024. Of this, only 231 bcf (0.2 tcf), or 11%, was produced domestically, with the remaining 2.0 tcf imported from countries in the Mediterranean area.
RNS
RNS Number : 3433Z
Saffron Energy PLC
14 March 2017
14 March 2017
Saffron Energy plc
("Saffron Energy", the "Company" or, together with its subsidiaries, the "Group")
Northsun Italia S.p.A. ("Northsun") - subsidiary of Saffron Energy - extends offtake agreement with Shell Energy Italia
Natural gas developer and producer Saffron Energy (AIM:SRON) announces the extension of the natural gas offtake contract between its Italian subsidiary Northsun and Shell Energy Italia S.r.l. ("Shell Energy Italia")- a subsidiary of Shell- for energy commodity trading and marketing.
The contract has been extended to 1 October 2018, with an option to extend for a further year to 1 October 2019, and provides for offtake of gas supply for all of the Group's Italian gas fields.
Gas produced from the Company's fields is transported directly into the Italian national grid, which is owned and operated by SNAM Rete Gas S.p.A.
Michael Masterman, CEO of Saffron Energy, commented: "The contract signed with Shell Energy Italia is a key element for our business, as we continue to have a buyer in line for the gas produced from our future assets, a benefit for the Company's cash flow.
Northsun Italia S.p.A., the Group's wholly-owned Italian subsidiary, has been supplying Shell Energy Italia with natural gas for a period of 4 years, with a contractual formula that allows the Company to mitigate the market risks. The Italian market is considered a premium pricing market compared with other international markets, with the spot price now trading at around EUR 19.44 cent per cubic metre.
The Italian gas market is robust and attractive due to the high-quality gas produced, an accessible low-cost transportation network, paired together with a pricing environment that has been stable and higher than other comparable European countries: spot gas prices have risen significantly over the last 12 months from €14 cent per cubic metrer to around € 20 cent per cubic metre.
Selling our gas on the Italian gas market allows us to take advantage of the premium prices of this market. Shell's networks supply gas throughout Italy."
Michele Petz, Country Lead & Commercial Manager of Shell Energy Italia, said: "This extended agreement confirms the leading role of Shell Energy Italia as off-taker for independent gas producers in the Italian market."
According to the SNAM Rete Gas ten-year network development plan 2015-2024, Italy consumed 2.2 tcf in gas in 2014, which is expected to grow at 2.1% per annum until 2024. Of this, only 231 bcf (0.2 tcf), or 11%, was produced domestically, with the remaining 2.0 tcf imported from countries in the Mediterranean area.
dreamcatcher
- 14 Mar 2017 18:19
- 22 of 67
BMD Target 12p-15p.
dreamcatcher
- 14 Mar 2017 18:21
- 23 of 67
dreamcatcher
- 21 Mar 2017 19:15
- 24 of 67
A good recovery today.
dreamcatcher
- 22 Mar 2017 07:08
- 25 of 67
Bezzecca completed on schedule and within budget
RNS
RNS Number : 1451A
Saffron Energy PLC
22 March 2017
22 March 2017
Saffron Energy Plc
("Saffron" or the "Company")
Bezzecca completed on schedule and within budget
Saffron Energy plc (AIM: SRON), the onshore natural gas producer with interests in northern Italy, is pleased to confirm it has achieved mechanical completion of the Bezzecca natural gas project outside Milan within budget and on schedule. Certificates for mechanical and instrumentation completion have been issued and safety and performance testing is underway.
The Bezzecca project includes the Bezzecca gas field, the 7.5km newly constructed tie-in pipeline, the Vitalba gas plant and national grid connection.
The Bezzecca gas field is an approved production licence located east of Milan within the established gas-producing Po Valley region in northern Italy. Gas from Bezzeca 1 will be processed at the Vitalba processing plant.
An offtake agreement for gas supplied from all the Group's Italian gas fields is in place with Shell Energy Italia S.r.l. Gas produced from the Company's fields is transported directly into the Italian national grid, which is owned and operated by SNAM Rete Gas S.p.A.
The next key step will be the inspection by Italian Ministry of Economic Development (the "Ministry") and the Lodi and Cremona fire brigades, which is expected to occur in early April. Following a satisfactory inspection, the Ministry will then issue approval to start the first commercial natural gas production and revenue.
Final Ministry approval to commence gas production is expected in early April 2017. The Company will update the market when this final milestone occurs.
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:
RNS
RNS Number : 1451A
Saffron Energy PLC
22 March 2017
22 March 2017
Saffron Energy Plc
("Saffron" or the "Company")
Bezzecca completed on schedule and within budget
Saffron Energy plc (AIM: SRON), the onshore natural gas producer with interests in northern Italy, is pleased to confirm it has achieved mechanical completion of the Bezzecca natural gas project outside Milan within budget and on schedule. Certificates for mechanical and instrumentation completion have been issued and safety and performance testing is underway.
The Bezzecca project includes the Bezzecca gas field, the 7.5km newly constructed tie-in pipeline, the Vitalba gas plant and national grid connection.
The Bezzecca gas field is an approved production licence located east of Milan within the established gas-producing Po Valley region in northern Italy. Gas from Bezzeca 1 will be processed at the Vitalba processing plant.
An offtake agreement for gas supplied from all the Group's Italian gas fields is in place with Shell Energy Italia S.r.l. Gas produced from the Company's fields is transported directly into the Italian national grid, which is owned and operated by SNAM Rete Gas S.p.A.
The next key step will be the inspection by Italian Ministry of Economic Development (the "Ministry") and the Lodi and Cremona fire brigades, which is expected to occur in early April. Following a satisfactory inspection, the Ministry will then issue approval to start the first commercial natural gas production and revenue.
Final Ministry approval to commence gas production is expected in early April 2017. The Company will update the market when this final milestone occurs.
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:
dreamcatcher
- 22 Mar 2017 07:10
- 26 of 67
On course , great. :-))
dreamcatcher
- 28 Mar 2017 15:57
- 27 of 67
A few starting to see a good buying opportunity.
dreamcatcher
- 28 Mar 2017 16:04
- 28 of 67
Back above 8p.
dreamcatcher
- 31 Mar 2017 19:10
- 29 of 67
Clearly being held back.
dreamcatcher
- 04 Apr 2017 07:06
- 30 of 67
Northsun Italia 2016 Results
RNS
RNS Number : 4814B
Saffron Energy PLC
04 April 2017
4 April 2017
Saffron Energy Plc
("Saffron" or the "Company")
Northsun Italia 2016 Results
Saffron Energy plc, the AIM listed natural gas producer and explorer with interest in northern Italy (AIM: SRON), announces the financial results for Northsun Italia Spa ("NSI") for the financial year to 31 December 2016. Saffron acquired 100% of NSI in January 2017 and subsequently completed an IPO of Saffron Energy on AIM on 24 February 2017.
Investors should note that a number of restructuring transactions mentioned in the document were completed in the period from December 2016 to February 2017 and these are set out in detail in the Company's AIM Admission Document.
During the period:
- In September 2016, NSI entered into a construction contract for the Bezzecca gas field
- Production from the Sillaro gas field for 2016 was 4.4m cubic meters (gross) and, in December 2016, NSI acquired the remaining 35% of the Sillaro gas field it did not already own.
Subsequent to 31 December 2016, NSI has:
- Been acquired by Saffron, which then completed a £2.5m capital raising on 24 February 2017
- Completed construction of the Bezzecca gas field
- Extended its offtake agreement with Shell Italia to 1 October 2018
- Repaid approximately €470k of short term shareholders' loans used to advance construction of Bezzecca and Sant'Alberto
Chief Executive Officer of Saffron Energy, Michael Masterman commented: "The results for NSI in 2016 reflect the now historic fully completed restructuring and associated asset value alignments that had to be undertaken in preparation for the successful IPO of Saffron Energy which was completed in February. Revenues and cash flows are expected to increase substantially with Bezzecca commencing production in April 2017 and Sant'Alberto at the end of 2017. Saffron is now in excellent shape going forward."
A full copy of the Northsun Italia Consolidated Financial Statements for the year ended 31 December 2016 is available on the Company's website at www.saffronenergy.co.uk and an extract of the Consolidated Financial Statements for the year ended 31 December 2016 is presented below.
Please click to view the Saffron Energy AIM Admission Document - https://saffronenergy.co.uk/investors/aim-rule-26/
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.
RNS
RNS Number : 4814B
Saffron Energy PLC
04 April 2017
4 April 2017
Saffron Energy Plc
("Saffron" or the "Company")
Northsun Italia 2016 Results
Saffron Energy plc, the AIM listed natural gas producer and explorer with interest in northern Italy (AIM: SRON), announces the financial results for Northsun Italia Spa ("NSI") for the financial year to 31 December 2016. Saffron acquired 100% of NSI in January 2017 and subsequently completed an IPO of Saffron Energy on AIM on 24 February 2017.
Investors should note that a number of restructuring transactions mentioned in the document were completed in the period from December 2016 to February 2017 and these are set out in detail in the Company's AIM Admission Document.
During the period:
- In September 2016, NSI entered into a construction contract for the Bezzecca gas field
- Production from the Sillaro gas field for 2016 was 4.4m cubic meters (gross) and, in December 2016, NSI acquired the remaining 35% of the Sillaro gas field it did not already own.
Subsequent to 31 December 2016, NSI has:
- Been acquired by Saffron, which then completed a £2.5m capital raising on 24 February 2017
- Completed construction of the Bezzecca gas field
- Extended its offtake agreement with Shell Italia to 1 October 2018
- Repaid approximately €470k of short term shareholders' loans used to advance construction of Bezzecca and Sant'Alberto
Chief Executive Officer of Saffron Energy, Michael Masterman commented: "The results for NSI in 2016 reflect the now historic fully completed restructuring and associated asset value alignments that had to be undertaken in preparation for the successful IPO of Saffron Energy which was completed in February. Revenues and cash flows are expected to increase substantially with Bezzecca commencing production in April 2017 and Sant'Alberto at the end of 2017. Saffron is now in excellent shape going forward."
A full copy of the Northsun Italia Consolidated Financial Statements for the year ended 31 December 2016 is available on the Company's website at www.saffronenergy.co.uk and an extract of the Consolidated Financial Statements for the year ended 31 December 2016 is presented below.
Please click to view the Saffron Energy AIM Admission Document - https://saffronenergy.co.uk/investors/aim-rule-26/
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.
dreamcatcher
- 05 Apr 2017 16:29
- 31 of 67
dreamcatcher
- 10 Apr 2017 15:56
- 32 of 67
News must be soon, on gas flowing.
dreamcatcher
- 10 Apr 2017 18:07
- 33 of 67
BMD reckons gas is flowing.
dreamcatcher
- 12 Apr 2017 18:18
- 34 of 67
Final approval for first gas at Bezzecca
RNS
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.
RNS
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.
dreamcatcher
- 12 Apr 2017 18:35
- 35 of 67
TW recommends sell and all the sheep follow.
dreamcatcher
- 12 Apr 2017 18:38
- 36 of 67
He did the same for RRL. Just hope the sp re-gains the loss of today.
Bullshare
- 13 Apr 2017 09:03
- 37 of 67
If TW says sell it means its a buy!
kimoldfield
- 13 Apr 2017 11:02
- 38 of 67
I thought he had gone into hiding!😀
dreamcatcher
- 13 Apr 2017 16:14
- 39 of 67
I'm sure he was buying. :-))
dreamcatcher
- 18 Apr 2017 21:38
- 40 of 67
First Gas flows at Bezzecca
RNS
RNS Number : 5439C
Saffron Energy PLC
18 April 2017
18 April 2017
Saffron Energy Plc
("Saffron" or the "Company")
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.
Production from Bezzecca is sold at a price of approximately €0.21 per scm which equates to €190-€250k per month in revenue, on production of 30-40,000 scm.
Reservoir performance will be evaluated during the current quarter on each of the three perforated levels and steady state production is expected mid-year. When combined with the Company's production from the Sillaro gas field, which alone is producing 10,000 scm per day, Saffron expects net production from its Italian assets to increase over four times its current production to 40-50,000 scm per day (approximately 250-315 boepd).
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.
Saffron has an offtake agreement with Shell Energy Italia S.r.l. for the gas produced from the Company's fields, which goes directly into the Italian national grid, owned and operated by SNAM Rete Gas S.p.A.
Chief Executive Officer of Saffron Energy, Michael Masterman commented: "First gas at Bezzecca is a significant financial milestone for Saffron coming within seven weeks of the successful IPO. It has been completed on time and on budget and represents a great technical, financial and management achievement for the Company and shareholders. The commencement of production will boost revenues and operating cash flows consolidating our portfolio and provides further validation of the Company's strategy.
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.
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.
RNS
RNS Number : 5439C
Saffron Energy PLC
18 April 2017
18 April 2017
Saffron Energy Plc
("Saffron" or the "Company")
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.
Production from Bezzecca is sold at a price of approximately €0.21 per scm which equates to €190-€250k per month in revenue, on production of 30-40,000 scm.
Reservoir performance will be evaluated during the current quarter on each of the three perforated levels and steady state production is expected mid-year. When combined with the Company's production from the Sillaro gas field, which alone is producing 10,000 scm per day, Saffron expects net production from its Italian assets to increase over four times its current production to 40-50,000 scm per day (approximately 250-315 boepd).
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.
Saffron has an offtake agreement with Shell Energy Italia S.r.l. for the gas produced from the Company's fields, which goes directly into the Italian national grid, owned and operated by SNAM Rete Gas S.p.A.
Chief Executive Officer of Saffron Energy, Michael Masterman commented: "First gas at Bezzecca is a significant financial milestone for Saffron coming within seven weeks of the successful IPO. It has been completed on time and on budget and represents a great technical, financial and management achievement for the Company and shareholders. The commencement of production will boost revenues and operating cash flows consolidating our portfolio and provides further validation of the Company's strategy.
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.
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.
dreamcatcher
- 20 Apr 2017 19:28
- 41 of 67
Reading the boards - A lot of not very happy investors.
dreamcatcher
- 20 Apr 2017 20:19
- 42 of 67
Happy to wait.
Oxygene - 22 Apr 2017 08:58 - 43 of 67
Hi everyone, I have been looking at this company last few days and has caught my
interest,has anyone here done the sums on what Saffron are making per month or
annually at moment and what it could be after the work program has finished ? I'm
trying to evaluate the true value here compared to the market cap....it would be
good if one of the holders here could post some figures on this and may also help
others waiting on sidelines.Im not lazy its just I have not been able to find any
real info anywhere ( probably because its a new float ).
Many Thanks in advance !
interest,has anyone here done the sums on what Saffron are making per month or
annually at moment and what it could be after the work program has finished ? I'm
trying to evaluate the true value here compared to the market cap....it would be
good if one of the holders here could post some figures on this and may also help
others waiting on sidelines.Im not lazy its just I have not been able to find any
real info anywhere ( probably because its a new float ).
Many Thanks in advance !
dreamcatcher
- 22 Apr 2017 09:20
- 44 of 67
Hi oxygene ,
Post 40 explains most of what you have asked. The company will have about a £3m a year revenue. Silaro is already producing 10,000 SCM/ Standard cubic meters per day.
I think the IPO was to cheap, at I think 5p.So traders have sold into the news, with a good profit.
Post 40 explains most of what you have asked. The company will have about a £3m a year revenue. Silaro is already producing 10,000 SCM/ Standard cubic meters per day.
I think the IPO was to cheap, at I think 5p.So traders have sold into the news, with a good profit.
dreamcatcher
- 22 Apr 2017 16:43
- 45 of 67
From twitter - Turner and Pope seem to be the big sellers in the background.
Oxygene - 23 Apr 2017 11:59 - 46 of 67
Cheers dreamcatcher,i might take a closer look this week !
dreamcatcher
- 24 Apr 2017 15:31
- 47 of 67
Do not get this share, never recovers the loss of the day. Even with good buying.
It seems to be being marked down.
It seems to be being marked down.
dreamcatcher
- 24 Apr 2017 16:24
- 48 of 67
Good, recovering the 5% odd loss today.
Bullshare
- 02 May 2017 14:57
- 49 of 67
The Shares and AJ Bell Media events have brought together 1,000’s of investors with hundreds of listed companies and funds The line-up for our next event on Wednesday 24 May 2017 includes presentations from The Merchants Trust Plc and Caledonia Mining Corporation, with more companies to be announced.
Places at this event are very limited, so register now for your free ticket.
The evening is a perfect opportunity for existing shareholders or potential investors to hear from those that matter, the directors running the companies and fund managers managing their fund. Who better to explain the future potential and strategy.
Wednesday 24 May 2017
Venue:Novotel Tower Bridge, London EC3N 2NR, 10 Pepys Street, London, EC3N 2NR
Event Timings:| 18.00 | Registration and coffee | |
| 18.30 | Presentations • Maurice Mason, VP - Caledonia Mining Corporation (CMCL) • David James Sumner, CEO - Healthperm (HPR) • Michael Masterman, Chief Executive - Saffron Energy (SRON) • Simon Gergel, CIO UK Equities - Allianz Global Investors & Manager - The Merchants Trust PLC + More to be announced | |
| 20.30 | Drinks reception and canapés | |
| 21.30 | Close |
Caledonia Mining Corporation (CMCL)
 | Caledonia is an exploration, development and mining company focused on Southern Africa. Caledonia's primary asset is a 49% interest in the Blanket Mine in Zimbabwe which produced over 45,500 ounces of gold in 2013 at a cash cost of US$613/oz. Caledonia has a strong, experienced management team and Board of Directors with diverse expertise in gold production, exploration, mine development, finance and marketing. |
Healthperm (HPR)
 | Healthperm was founded with the objective of addressing the acknowledged shortage of permanent nurses in the healthcare systems in the UK and the UAE, through the recruitment of experienced professionals from the Philippines. The Board believes that Healthperm has the potential to provide both capital growth and income through dividends for shareholders. |
Saffron Energy (SRON)
 | The Group’s corporate strategy is to grow the production of gas and operations at its 3 core gas fields: Sillaro, Bezzecca and Sant’Alberto at a low-cost relative to other oil and gas companies, providing the basis for future shareholder value creation. |
The Merchants Trust PLC
 | Established in 1889, the Merchants Trust PLC aims to provide its shareholders with an above-average level of income which increases over time. The trust is managed by Simon Gergel, Chief Investment Officer, UK Equities at Allianz Global Investors. |
dreamcatcher
- 02 May 2017 19:24
- 50 of 67
BOD should put out some note/news regarding the sp . The company is starting to lose credibility ..Sp falls day after day.
dreamcatcher
- 08 May 2017 09:13
- 51 of 67
1 trade in an hour and a quarter.
dreamcatcher
- 09 May 2017 17:53
- 52 of 67
A big seller still in the background. If the company gave some news, these shares would be bought up.
dreamcatcher
- 11 May 2017 15:52
- 53 of 67
12% rise :-)) thought my fingers and toes were going to get burnt.
dreamcatcher
- 11 May 2017 17:17
- 54 of 67
dreamcatcher
- 12 May 2017 07:08
- 55 of 67
Bezzecca commercial production begins.
RNS
RNS Number : 9377E
Saffron Energy PLC
12 May 2017
12 May 2017
Saffron Energy Plc
("Saffron" or "Saffron Energy" or the "Company")
Bezzecca commercial production begins. Testing now complete.
Saffron Energy plc (AIM: SRON), the natural gas producer with interests in northern Italy, is pleased to announce that testing of the primary production layers from the Bezzecca well is complete and production planning has been finalised. The initial plan now is to operate all three levels with an estimated combined flow of 30,000-35,000 cubic meters per day (scm/day). Steady commingled production will be achieved through the installation of a downhole choke above the Miocene level R.
Level A in the Pliocene has flowed in excess of the planned production rates at stabilised flows of 20,000-25,000 scm/day and is on production. This flow rate is above the levels estimated in the CPR.
Level R in the Miocene has also been tested and flowed at 25,000 scm/day slightly below CPR estimates.
In addition, level S was flow tested for a shorter period, and will contribute to production at around 5,000-10,000 scm/day.
Production will continue in level A at 20,000-25,000 scm/day up to the end of June, with production levels increasing to 30,000-35,000 scm/day from early July when levels R and S will be added, once the bottom hole choke is delivered and installed.
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 to the national grid, which is owned and operated by SNAM Rete Gas S.p.A. The gas is sold to Shell Energy Italia S.r.l. under an existing off-take agreement.
The Company will provide a trading update in due course to include the Group revenue and profit figures, along with updated flow rates.
Chief Executive Officer of Saffron Energy, Michael Masterman commented: "It's a very important achievement for Saffron to have moved into revenue producing commercial production at Bezzecca following completion of the commissioning and testing stage. Level A is now in production, producing above expected rates. We look forward to further increasing production in July when we move to comingled production from all three levels. We are also on track to bring Sant' Alberto on stream in Q4 2017 as well as actively seeking new opportunities to substantially increase revenue and production within the Group."
RNS
RNS Number : 9377E
Saffron Energy PLC
12 May 2017
12 May 2017
Saffron Energy Plc
("Saffron" or "Saffron Energy" or the "Company")
Bezzecca commercial production begins. Testing now complete.
Saffron Energy plc (AIM: SRON), the natural gas producer with interests in northern Italy, is pleased to announce that testing of the primary production layers from the Bezzecca well is complete and production planning has been finalised. The initial plan now is to operate all three levels with an estimated combined flow of 30,000-35,000 cubic meters per day (scm/day). Steady commingled production will be achieved through the installation of a downhole choke above the Miocene level R.
Level A in the Pliocene has flowed in excess of the planned production rates at stabilised flows of 20,000-25,000 scm/day and is on production. This flow rate is above the levels estimated in the CPR.
Level R in the Miocene has also been tested and flowed at 25,000 scm/day slightly below CPR estimates.
In addition, level S was flow tested for a shorter period, and will contribute to production at around 5,000-10,000 scm/day.
Production will continue in level A at 20,000-25,000 scm/day up to the end of June, with production levels increasing to 30,000-35,000 scm/day from early July when levels R and S will be added, once the bottom hole choke is delivered and installed.
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 to the national grid, which is owned and operated by SNAM Rete Gas S.p.A. The gas is sold to Shell Energy Italia S.r.l. under an existing off-take agreement.
The Company will provide a trading update in due course to include the Group revenue and profit figures, along with updated flow rates.
Chief Executive Officer of Saffron Energy, Michael Masterman commented: "It's a very important achievement for Saffron to have moved into revenue producing commercial production at Bezzecca following completion of the commissioning and testing stage. Level A is now in production, producing above expected rates. We look forward to further increasing production in July when we move to comingled production from all three levels. We are also on track to bring Sant' Alberto on stream in Q4 2017 as well as actively seeking new opportunities to substantially increase revenue and production within the Group."
dreamcatcher
- 12 May 2017 07:08
- 56 of 67
Bezzecca commercial production begins.
RNS
RNS Number : 9377E
Saffron Energy PLC
12 May 2017
12 May 2017
Saffron Energy Plc
("Saffron" or "Saffron Energy" or the "Company")
Bezzecca commercial production begins. Testing now complete.
Saffron Energy plc (AIM: SRON), the natural gas producer with interests in northern Italy, is pleased to announce that testing of the primary production layers from the Bezzecca well is complete and production planning has been finalised. The initial plan now is to operate all three levels with an estimated combined flow of 30,000-35,000 cubic meters per day (scm/day). Steady commingled production will be achieved through the installation of a downhole choke above the Miocene level R.
Level A in the Pliocene has flowed in excess of the planned production rates at stabilised flows of 20,000-25,000 scm/day and is on production. This flow rate is above the levels estimated in the CPR.
Level R in the Miocene has also been tested and flowed at 25,000 scm/day slightly below CPR estimates.
In addition, level S was flow tested for a shorter period, and will contribute to production at around 5,000-10,000 scm/day.
Production will continue in level A at 20,000-25,000 scm/day up to the end of June, with production levels increasing to 30,000-35,000 scm/day from early July when levels R and S will be added, once the bottom hole choke is delivered and installed.
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 to the national grid, which is owned and operated by SNAM Rete Gas S.p.A. The gas is sold to Shell Energy Italia S.r.l. under an existing off-take agreement.
The Company will provide a trading update in due course to include the Group revenue and profit figures, along with updated flow rates.
Chief Executive Officer of Saffron Energy, Michael Masterman commented: "It's a very important achievement for Saffron to have moved into revenue producing commercial production at Bezzecca following completion of the commissioning and testing stage. Level A is now in production, producing above expected rates. We look forward to further increasing production in July when we move to comingled production from all three levels. We are also on track to bring Sant' Alberto on stream in Q4 2017 as well as actively seeking new opportunities to substantially increase revenue and production within the Group."
RNS
RNS Number : 9377E
Saffron Energy PLC
12 May 2017
12 May 2017
Saffron Energy Plc
("Saffron" or "Saffron Energy" or the "Company")
Bezzecca commercial production begins. Testing now complete.
Saffron Energy plc (AIM: SRON), the natural gas producer with interests in northern Italy, is pleased to announce that testing of the primary production layers from the Bezzecca well is complete and production planning has been finalised. The initial plan now is to operate all three levels with an estimated combined flow of 30,000-35,000 cubic meters per day (scm/day). Steady commingled production will be achieved through the installation of a downhole choke above the Miocene level R.
Level A in the Pliocene has flowed in excess of the planned production rates at stabilised flows of 20,000-25,000 scm/day and is on production. This flow rate is above the levels estimated in the CPR.
Level R in the Miocene has also been tested and flowed at 25,000 scm/day slightly below CPR estimates.
In addition, level S was flow tested for a shorter period, and will contribute to production at around 5,000-10,000 scm/day.
Production will continue in level A at 20,000-25,000 scm/day up to the end of June, with production levels increasing to 30,000-35,000 scm/day from early July when levels R and S will be added, once the bottom hole choke is delivered and installed.
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 to the national grid, which is owned and operated by SNAM Rete Gas S.p.A. The gas is sold to Shell Energy Italia S.r.l. under an existing off-take agreement.
The Company will provide a trading update in due course to include the Group revenue and profit figures, along with updated flow rates.
Chief Executive Officer of Saffron Energy, Michael Masterman commented: "It's a very important achievement for Saffron to have moved into revenue producing commercial production at Bezzecca following completion of the commissioning and testing stage. Level A is now in production, producing above expected rates. We look forward to further increasing production in July when we move to comingled production from all three levels. We are also on track to bring Sant' Alberto on stream in Q4 2017 as well as actively seeking new opportunities to substantially increase revenue and production within the Group."
VICTIM - 12 May 2017 07:14 - 57 of 67
Your doubling up your posts dream , wonder if the share will double .
VICTIM - 12 May 2017 15:43 - 58 of 67
Obviously news was out yesterday and today was a sell on news day , don't think i'll invest here dream , a traders delight .
dreamcatcher
- 12 May 2017 15:51
- 59 of 67
The company seems undervalued ? Keep hold and see.
dreamcatcher
- 17 May 2017 20:31
- 60 of 67
20 trades all day. The company and its shares are just sitting on the fence. Would have thought the company would of got some sort of figures out by now, on the costs behind the scenes . I hope we have not been informed because they know and costs are high. Only really guessing and waiting, like the market is. Not a good message to send out, or lack of updating the market.
dreamcatcher
- 17 May 2017 20:37
- 61 of 67
Michael Masterman, Chief Executive - Saffron Energy (SRON) I would of though is going to be popular at the Shares event in London on Wednesday 24 May 2017.
The company has only been trading on the AIM for about three and a half months, not good. A rare blue day today.
The company has only been trading on the AIM for about three and a half months, not good. A rare blue day today.
dreamcatcher
- 25 May 2017 15:54
- 62 of 67
And down again.
dreamcatcher
- 26 May 2017 20:43
- 63 of 67
dreamcatcher
- 26 May 2017 20:45
- 64 of 67
All talk, jam tomorrow.
mitzy - 29 May 2017 09:15 - 65 of 67
I might be interested at 3p a share.
cynic
- 29 May 2017 09:19
- 66 of 67
looks like yet another ipo where the directors have seized the opportunity to stuff their bank accounts at the expense of mug punters
dreamcatcher
- 10 Jul 2017 15:47
- 67 of 67
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