Sound Oil Regulatory News (SOU)



Regulatory News for Sound Oil (SOU)


Share Price: 7.875Bid: 7.75Ask: 8.25Change: -0.125 (-1.56%)Faller - Sound Oil
Spread: 0.50Spread as %: 6.45%Open: 7.625High: 8.00Low: 7.65Yesterday’s Close: 8.00





Operations Update

Tue, 15th Nov 2011 12:03

RNS Number : 1296S
Sound Oil PLC
15 November 2011
 

?

15 November 2011

Sound Oil plc

("Sound Oil" or "the Company")

 

Operations update - Montemarciano Permit

 

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Subsequently its partner SARP, a small private Italian company which holds a 25% working interest in the licence, has withdrawn from the well and assigned its interest in the well to Sound Oil meaning the Company therefore now holds a 100% working interest in the gas discovery and a 75%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:

 

Sound Oil

Gerry Orbell, Chairman and Chief Executive

Michael Cope, Chief Operating Officer

 

Tel: +44 (0)1372 365745

 

Smith & Williamson - Nominated Adviser

Azhic Basirov

David Jones

 

Tel: +44 (0)20 7131 4000

Investec - Broker

Charles Batten

David Flin

Adam Strachan

 

Tel: +44 (0)20 7597 4000

Buchanan

Tim Thompson

Ben Romney

Helen Chan

 

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.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCBABTTMBMBBTB


Related Shares: Sound Oil (SOU).




DateSourceHeadlineCategory
17-May-13 07:00RNSNervesa Rig ReleaseCompany Announcement - General
16-May-13 07:00RNSRapagnano First GasCompany Announcement - General
07-May-13 07:00RNSProject UpdateCompany Announcement - General
24-Apr-13 07:00RNSProject UpdateCompany Announcement - General
22-Apr-13 07:00RNSSuccessful Rapagnano CommissioningCompany Announcement - General
28-Mar-13 07:01RNSNervesa Appraisal Well UpdateResults and Trading Reports
22-Mar-13 07:00RNSResult of Open OfferCompany Announcement - General
06-Mar-13 07:00RNSOpen OfferCompany Announcement - General
05-Mar-13 13:47RNSNervesa Drilling AuthorisationResults and Trading Reports
28-Feb-13 07:00RNSAsset SwapCompany Announcement - General
27-Feb-13 07:00RNSRevised Work ProgrammeCompany Announcement - General
19-Feb-13 07:00RNSBadile Prospect UpdateCompany Announcement - General
15-Feb-13 07:00RNSChange of AdviserExecutive Changes
14-Feb-13 07:00RNSNervesa Rig ContractCompany Announcement - General
01-Feb-13 07:00RNSItalian Portfolio UpdateCompany Announcement - General
24-Jan-13 16:43RNSHolding(s) in CompanyHolding(s) in Company
24-Jan-13 07:00RNSExisting Placement & Open OfferCompany Announcement - General
22-Jan-13 07:00RNSNervesa ConsentCompany Announcement - General
17-Jan-13 15:51RNSHolding(s) in CompanyHolding(s) in Company
16-Jan-13 07:00RNSFunding UpdateCompany Announcement - General
08-Jan-13 07:00RNSRapagnano Final Test ResultsCompany Announcement - General
07-Jan-13 07:00RNSRapagnano Flow RatesCompany Announcement - General
04-Jan-13 12:02RNSResult of MeetingResults and Trading Reports
20-Dec-12 07:00RNSOperations UpdateCompany Announcement - General
18-Dec-12 17:33RNSPosting of CircularCompany Announcement - General
17-Dec-12 07:00RNSDirector/PDMR ShareholdingDirectors' Dealings
12-Dec-12 07:00RNSSale of Sub, Bd Change, Share Consolidation & GMCompany Announcement - General
11-Dec-12 14:28RNSHolding(s) in CompanyHolding(s) in Company
04-Dec-12 07:00RNSOperations UpdateCompany Announcement - General
30-Nov-12 09:36RNSConcession AwardCompany Announcement - General


Regulatory news is displayed end of day, each day at 19:00.
Sign up for Live Prices





Datafeed and UK data supplied by NETbuilder and Interactive Data. While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk!
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.