UK's Saffron Close to Acquiring Assets in SE Asia
London-listed gas explorer Saffron Energy has made significant progress on a number of acquisitions in southeast Asia and said it is reviewing and negotiating “a number substantial and highly prospective opportunities” in the region. This will mean dropping other plans.
These new opportunities are consistent with its multi trillion ft3 exploration gas strategy, it said February 28. Saffron spoke of its plan to scout for opportunities in southeast Asia last week.
"A huge amount of work is already in progress as we position our company with a clear runway for our SE Asian gas strategy, which we anticipate will take off in the next few weeks with the announcement of our first proposed acquisition. We are delighted to be able to dedicate a substantial proportion of both management bandwidth and the significant cash resources we expect to have after admission to our Asian growth strategy for the benefit of a smaller and less diluted shareholder base. We look forward to updating investors on progress in due course," said CEO Sara Edmonson.
Saffron last month announced upstream acquisitions in Italy. However, "due to the rapid pace of development of activities in southeast Asia, it has mutually agreed with Po Valley Energy to terminate the Po Valley Operations acquisition agreement as announced February 16."