Assets to spin into new vehicle Coro Energy

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.

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