Business
Sant' Alberto Production Concession Award
Sant' Alberto Production Concession Award.
About this update from Coro Energy Plc
[{"type":"text","content":"\n \nRNS Number : 7830T Saffron Energy PLC 17 October 2017 \n\n17 October 2017\n \nSaffron Energy Plc\n(\"Saffron\" or \"Saffron Energy\" or the \"Company\")\n Saffron Energy Awarded Sant' Alberto Production Concession\nSaffron Energy, the AIM quoted European natural gas company, is pleased to announce that it has been awarded a Production Concession for its Sant' Alberto gas field from the Italian Ministry of Economic Development. \nThe 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.\nThe 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.\nSaffron Energy's portfolio currently comprises of three granted production concessions (link to map https://saffronenergy.co.uk/operations/strategy/ ): \n- 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; \n- the Bezzecca Gas field located near Milan, which commenced production in April 2017 from one well; and \n- the Sant' Alberto Gas field, which expects first gas in 2018. \nSaffron 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.\nAbout Saffron Energy\nSaffron Energy is a natural gas producer with interests in Northern Italy. Its portfolio includes two gas production fields: Sillaro (100%), Bezzecca (90%) and another gas field Sant' Alberto (100%), which is under development. All of Saffron's assets are located near Milan and Bologna. Sa...