Gas discovery at Casa Tiberi-1 exploration well Ancona, Italy
Sound Oil, the upstream oil and gas company with assets in Italy and Indonesia, announces that the Casa Tiberi-1 exploration well in Italy, which is operated by the Company's wholly-owned subsidiary Apennine Energy srl, has been successfully drilled to a total depth of 715 m measured depth. Logging of the well has established a gross hydrocarbon column of 14.9 m, comprising several high quality gas bearing reservoir sands. Sound Oil is suspending the well as a gas discovery pending future work in the coming months, to determine the extent and commerciality of the accumulation.
By drilling the well to 715 m MD, Sound Oil has completed its original farm-in obligations on the Montemarciano Permit and has earned its 75% working interest in the licence.
Subsequently its partner SARP, a small private Italian company which holds a 25% working interest in the licence, has withdrawn from the well and assigned its interest in the well to Sound Oil meaning the Company therefore now holds a 100% working interest in the gas discovery and a 75% interest in the surrounding permit.
Gerry Orbell, Chairman and CEO of Sound Oil, commented:
"We are pleased that the drilling of Casa Tiberi-1 has resulted in a gas discovery from our first operated exploration well in Italy. We will evaluate the results going forward and consider how best to bring this accumulation on-stream which could include the use of the gas processing and electricity generating equipment that the Company owns at the Marciano location."
For further information please contact:
Gerry Orbell, Chairman and Chief Executive
Michael Cope, Chief Operating Officer
Tel: +44 (0)1372 365745
Smith & Williamson - Nominated Adviser
Tel: +44 (0)20 7131 4000
Investec - Broker
Tel: +44 (0)20 7597 4000
Tel: +44 (0)20 7466 5000
The information contained in this announcement has been reviewed by Dr M. J. Cope BSc PhD CGeol FGS, a qualified petroleum geologist.
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