Sound En­ergy ex­its Italy with Saf­fron deal

Shares - - SMALLER COMPANIES -

AFTER AN un­suc­cess­ful re­sult from its Badile well (3 Jul), oil and gas fo­cused com­pany Sound En­ergy (SOU:AIM) is spin­ning its Ital­ian as­sets into Saf­fron En­ergy (SRON:AIM).

Sound En­ergy will now fo­cus on its Moroc­can port­fo­lio while Saf­fron is com­bin­ing with its main share­holder Po Val­ley En­ergy to cre­ate Coro En­ergy. Coro will be chaired by Sound CEO James Par­sons and Coro shares will be dis­trib­uted to Sound share­hold­ers. (TS)

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