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Saffron 41% gas production increase in Q3 2017
Saffron 41% gas production increase in Q3 2017.
About this update from Coro Energy Plc
[{"type":"text","content":"\n \nRNS Number : 9864U Saffron Energy PLC 31 October 2017 \n\n \n31 October 2017 \nSaffron Energy Plc\n(\"Saffron\" or \"Saffron Energy\" or the \"Company\")\n \nSaffron 41% gas production increase in September quarter\nSaffron Energy (LON:SRON), the AIM-listed European natural gas company, is pleased to announce its quarterly production update for the three months ended 30 September 2017.\nQ3 Gas Production\nProduction from the Saffron Energy operated gas fields, Sillaro (100%) and Bezzecca (90%), has increased by 41% from 1,762 million standard cubic metres (62.2 mmcf) in the quarter ended 30 June 2017 to 2,481 million standard cubic metres (87.6 mmscf) in the quarter ended 30 September. This increase was driven primarily by the ramp-up of production from Bezzecca in mid-July due to the introduction of production from the S levels (on top of the production from the A levels).\nRevenue from gas sales to Shell Energy Italia has also increased by 37%; in line with the increase in production. Saffron attained a gas price of €0.208 per cubic metre in Q3 compared to €0.213 in the previous months' quarter. \n \nGas Production and Sales\n\n\n\n\n\n\n\nQ2 17\n\n\nQ3 17\n\n\nChange (%)\n\n\nYTD 17\n\n\n\n\nTotal production ('000 cubic metres)\n\n\n1,762\n\n\n2,481\n\n\n41%\n\n\n5,105\n\n\n\n\nTotal production ('000 cubic feet)\n\n\n62,224\n\n\n87,602\n\n\n41%\n\n\n180,267\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nDaily production (cubic metres per day)\n\n\n19,368\n\n\n26,963\n\n\n39%\n\n\n\n\n\n\n\nDaily production ('000 cubic feet per day)\n\n\n684\n\n\n952\n\n\n39%\n\n\n\n\n\n\n\nDaily production (boepd)\n\n\n118\n\n\n164\n\n\n39%\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRevenue (€)\n\n\n376,000\n\n\n515,740\n\n\n37%\n\n\n1,086,740\n\n\n\n\nAverage gas price (€ per cubic metre)\n\n\n0.213\n\n\n0.208\n\n\n-2%\n\n\n\n\n\n\n\n \nCurrent activity\nSaffron is continuing to produce from Sillaro at a steady-state of circa. 10,000 scm / day. In early September, the company managed to reduce production variability by implementing a more frequent manual well clean-up. This initiative did not require any additional cost. \nIn July, production at Bezzecca increased from approximately 10,000 scm / day to approximately 22,000 scm / day by opening t...