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Saffron Energy Reports 41% Gas Production Increase in September Quarter

Source: www.gulfoilandgas.com 10/31/2017, Location: Europe

Saffron Energy, the AIM-listed European natural gas company, has announced its quarterly production update for the three months ended 30 September 2017.

Q3 Gas Production
Production 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).

Revenue 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.

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