Business
Heads of Agreement & Suspension of Trading on AIM
Heads of Agreement & Suspension of Trading on AIM.
About this update from Coro Energy Plc
[{"type":"text","content":"\n \nRNS Number : 7817S Saffron Energy PLC 05 October 2017 \n\n5 October 2017\nSaffron Energy Plc\n(\"Saffron Energy\" or the \"Company\")\n \nHeads of Terms for the combination of Saffron Energy Plc with Po Valley Operations \nand Sound Energy Italy\nEnlarged group to be renamed Coro Energy Plc\n \n \nSaffron 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. \n \nThe 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.\n \nThe 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. \n \nThe following Board appointments are intended as part of this transaction:\n· James Parsons, Sound Energy's Chief Executive Officer, would be appointed as a Non-Executive Chairman\n· Sara Edmonson, Po Valley's Chief Executive and currently a Non-Executive Director of Saffron Energy, would assume the role of Chief Executive Officer. \n· Fiona MacAulay, Echo Energy Plc's Chief Executive Officer would be appointed as a Non-Executive Director\n \nThe transaction is expected to be structured as a purchase of Sound Energy's wholly owned subsidiary Sound Energy Holdings Italy Limited (\"SEHIL\") and Po Valley's wholly owned subsidiary Po Valley Operations Pty Limited (\"Po Valley Operations\"). The acquisiti...