Saffron Energy appoints South East Asia expert as CEO

Pan Eurasian gas exploration company Saffron Energy announced on Thursday that it has appointed James Menzies as chief executive officer effective from 1 May.

Menzies is a specialist in exploration projects in South East Asia, having founded Salamander Energy where he remained to serve as chief executive for ten years before selling the company to Ophir Energy in a 2015 transaction that valued the company at $850m.

James Parsons, chairman of Saffron Energy, said: "This appointment is designed to accelerate our development into a leading South East Asian gas player, providing the Company with an enviable executive team combining James' deep regional knowledge and network with Sara's financial acumen, charisma and energy. I am delighted to welcome James to Saffron/Coro."

Sara Edmondson, the current chief executive of Saffron, will remain on the board in the role of deputy chief executive and will work closely with Menzies with a view to succeeding him in due course.

Menzies said: "I look forward to working with James and Sara and the rest of the team as we identify the exciting opportunities in South East Asia that are expected to enable us to build a business of material size and meaningful value for shareholders. Assuming all resolutions are approved at the forthcoming General Meeting, and that the transactions relating thereto complete as anticipated, we will have a strong financial platform on which to build and high quality people who will be able to create a pipeline of transactions."

Menzies currently holds directorships at Trinity Exploration & Production and Guinness Oil & Gas Exploration Trust, as well as having previously held directorships at Ophir Energy companies and Tap Oil.

As of 1219 GMT, Saffron Energy’s shares were up 4.32% at 4.15p.