Business
Signing of Agreements and New Strategy
Signing of Agreements and New Strategy.
About this update from Coro Energy Plc
[{"type":"text","content":"\n \nRNS Number : 4695C Saffron Energy PLC 22 January 2018 \n\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \n22 January 2018\nSaffron Energy Plc\n(\"Saffron\" or the \"Company\")\n \nPan Euro-Asian Gas Strategy\nBinding agreement for the acquisition of Sound Energy Holdings Italy Limited (\"SEHIL\")\nBinding agreement for the acquisition of Po Valley Operations Pty Limited (\"PVO\")\nProposed placing and Open Offer\n Grant of Options to Directors\n \n \nSaffron (LON: SRON), the AIM quoted European gas company with interests in Northern Italy, is pleased, following the Board changes announced on 12 December 2017, to give further details of its future Pan Euro-Asian gas strategy. \n \nThe Company also announces that, further to the Heads of Terms announcement released on 5 October 2017, it has entered into binding conditional sale and purchase agreements with each of Sound Energy Plc (\"Sound Energy\") and Po Valley Energy Limited (\"Po Valley Energy\" or \"PVE\") under which it is proposed that Saffron acquires both Sound Energy's and Po Valley Energy's portfolio of Italian interests and permits. \n \nAs outlined in the Heads of Terms announcement, following the acquisitions and subject to shareholder approval, the enlarged group will seek re-admission to AIM under its proposed new name of Coro Energy plc. These acquisitions will be structured by way of an acquisition of Sound Energy Holdings Italy Limited (\"SEHIL\"), a company incorporated in England and Wales (the \"Proposed SEHIL Transaction\") and Po Valley Operations Pty Ltd (\"PVO\"), a company incorporated in Western Australia (the \"Proposed PVO Transaction\"), for both of which the principal business is the exploration for and production of liquid and gaseous hydrocarbons across Italy. \n \nThe proposed acquisition by Saffron of SEHIL's and PVO's natural...