Saffron Energy appoints Fiona MacAulay and Marco Fumagalli to its Board as Non-Executive Directors alongside James Parsons as Non-Executive Chairman

– ITALY, Roma – Saffron Energy PLC (AIM:SRON), is pleased to announce, further to the transaction announced on October 5 (the “Transaction”), the following changes to the Board of the Company:

  • James Parsons, Chief Executive Officer of Sound Energy plc and Chairman of Echo Energy plc has been appointed as Non Executive Chairman of the Company
  • Fiona MacAulay, Chief Executive Officer of Echo Energy plc, has been appointed as a Non Executive Director of the Company
  • Marco Fumagalli, Managing Director of Continental Investment Partners, has been appointed as a Non Executive Director of the Company
  • David Garland has stepped down from the role of Chairman but remains on the Board as a Non Executive Director until completion of the Transaction
  • Kevin Bailey has stepped down from the role of Non Executive Director but remains on the Board as an observer until shareholder approval of the Transaction

Sara Edmonson will continue in her role as Chief Executive Officer and a Director of the Company whilst Michael Masterman will step down from the board with immediate effect and Christopher Johannsen will step down from the Board with effect from 31 December 2017.

As previously announced, and subject to shareholder vote, the Company will be renamed Coro Energy plc.

James Parsons commented: “We see the current environment as one of very real and continuing opportunity for growth focused gas exploration companies with access to high potential acreage, talent and capital. The changes announced today establish Coro Energy as an initial platform from which the company plans to grow significantly, in terms of hydrocarbon, human and financial resources.

I am looking forward to working again with Continental and the new team to quickly establish this company as a successful mid cap player and a growth vehicle of real excitement for our investors.”

David Garland commented: “Since Saffron’s IPO earlier this year Michael Masterman and the team have made huge progress establishing Saffron as a leading Italian player and we are extremely grateful for their contribution.

I am now delighted to welcome James and the new team to the Board. We are hugely excited about the Company’s evolution into a mid cap gas explorer.”

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