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Saffron Energy PLC  -  SRON   

Bezzecca completed on schedule and within budget

Released 07:00 22-Mar-2017

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:

 

 

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

 

 

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 field (Sant'Alberto), near Milan and Bologna. Saffron Energy commenced trading on the London AIM Market under the ticker of SRON on 24 February 2017.

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Bezzecca completed on schedule and within budget - RNS