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Saffron Energy Awarded Sant' Alberto Production Concession

Source: 10/17/2017, Location: Europe

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Saffron Energy, the AIM quoted European natural gas company, has been awarded a Production Concession for its Sant' Alberto gas field from the Italian Ministry of Economic Development.

The Sant' Alberto licence covers an area of 19.51 km2 and is located close to the Sillaro field. It requires a simple development, involving the installation of a modular gas processing facility and connection of this gas processing facility to the Italian national grid. The processing facility will comprise of a separation and hydration system, nitrogen generation and a tank/vent. Completion of this development and first production is expected during the first half of 2018.

The Sant' Alberto production concession has 2P Reserves of 2.0 billion cubic feet (bcf) (59.5 Million metric standard cubic metres (MMscm)) and production capability is expected to peak at around 29,500 standard cubic metres (scm) / day.

Saffron Energy's portfolio currently comprises of three granted production concessions (link to map ):

- the Sillaro Gas field near Bologna, which is currently producing from a single level with a daily rate averaging between 5,000 to 10,000 scm /day;
- the Bezzecca Gas field located near Milan, which commenced production in April 2017 from one well; and
- the Sant' Alberto Gas field, which expects first gas in 2018.

Saffron has an offtake agreement with Shell Energy Italia S.r.l, - a subsidiary of Shell, for all gas produced from the Company's fields, which goes directly into the Italian national grid, which is owned and operated by SNAM Rete Gas S.p.A.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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