On 9 April 2018 Sound Energy announced that the sale of the companyâs Italian subsidiary Apennine Energy SpA (held through the holding company Sound Energy Holdings Italy Limited) to Coro Energy (previously known as Saffron Energy) was completed on 9 April 2018. The consideration for the acquisitions was settled through the issue of 185,907,500 new ordinary shares in Coro Energy (valuated at GBP 0.001 each) to Sound Energy. In addition, Sound Energy will retain its economic rights on the proceeds of the sale of Badile land (estimated at GPB 1.6 million as of 30 June 2017) and on the benefits of VAT receivables linked to the Badile drilling costs (estimated at EUR 4 million). Finally, Coro will also grant Sound energy an overriding royalty of 5% on all potential revenue derived from the D.R74.AP permit (Laura gas discovery).  The assets held by Sound Energy in Italy are listed in the table below:          Exploration Permits            Â             Â             Â                ContractÂ  Name            Operator / interest            Partners             Sq km            Location               Badile            Apennine Energy SpA - 100%            -            154.5            Lombardia               Carita            Apennine Energy SpA - 100%            -            525.25            Veneto               Costa del Sole            Apennine Energy SpA - 100%            -            41.52            Sicilia               D.R74.AP            Apennine Energy SpA - 100%            -            58.01            Ionian Sea               Monte Negro            Apennine Energy SpA - 100%            -            287.7            Basilicata               Monteluro            Apennine Energy SpA - 95%            Petren Srl - 5%            364.86            Marche               Montemarciano            Apennine Energy SpA - 75%            SARP - 25%            44.48            Marche               S. Maria Goretti            Apennine Energy SpA - 100%            -            101.3            Marche               Villa Gigli            Apennine Energy SpA - 100%            -            100.9            Marche               Exploitation Concessions            Â             Â             Â                ContractÂ  Name            Operator / interest            Partners             Sq km            Location               Casa Tonetto            Apennine Energy SpA - 100%            -            4.8            Veneto               Fonte San Damiano            Apennine Energy SpA - 100%            -            23.71            Basilicata               Rapagnano            Apennine Energy SpA - 100%            -            8.49            Marche               San Lorenzo            Apennine Energy SpA -75%            SARP - 25%            4.95            Marche               Exploration Permit Application         Â             Â             Â                ContractÂ  Name            Operator / interest            Partners             Sq km            Location               d503B.R-.CS            Apennine Energy SpA - 100%            -            82.61            Adriatic Sea               Posta del Giudice            Apennine Energy SpA - 100%            -            113.6            Puglia               Solfara Mare            Apennine Energy SpA - 100%            -            337            Calabria               Torre Del Ferro            Apennine Energy SpA - 100%            -            118            Calabria        Â   The deal was announced on 5 October. At the time of the announcement it was also involving the acquisition by Coro Energy of Po valley Energyâs wholly-owned subsidiary Po Valley Operations Ltd but the latter agreement was terminated. The main reason invoked by the company was âthe rapid pace of development of Saffron's activities in South East Asia, the regulatory and taxation issues inherent in the Po Valley Energy corporate approval process and the Saffron board's desire to limit upfront equity dilutionâ
On 9 April 2018 Sound Energy announced that the sale of the companyâs Italian subsidiary Apennine Energy SpA (held through the holding company Sound Energy Holdings Italy Limited) to Coro Energy (previously known as Saffron Energy) was completed on 9 April 2018. 