More good news today from Sound Oil who go from strength to strength with their interesting and highly deliverable portfolio in Italy, I bet you didn’t think you would see me say that! The reason is that being onshore and primarily gassy the permits are easier to get and the end market is very strong. Todays news is a significant increase in recoverable volumes at Santa Maria Goretti which I mentioned in my report yesterday as an important part of the Sound jigsaw. CGG Robertson has done the CPR and it increases the previous resource estimate by 82% which is indeed a meaningful amount. The company has a location identified and subject to those permits will drill as expected in 2015. My recommendation made recently and endorsed by my visit to the assets in Italy very recently was expounded yesterday in the blog, this report can only rubber stamp my very positive view on the shares and despite a good run this year Sound should not be missed at these prices, the next 18 months should be most interesting. - See more at: http://www.malcysblog.com/2014/07/oil-price-bowlevenpetrofac-falcon-oil-gas-sound-oil-and-finally/#sthash.7RLJZryV.dpuf
I tend to agree. IMO will take something tangible to really move this. We need to get a drill in the ground, probably early 2015 with Nervesa. Today's RNS for long termers. Will help to give sp some support until Cada Tiberi though.
Just caught the news..........excellent upgrade. Must take a look at the CPR when I get time.....if it's available to view. This represents more 'Malcy downside insurance' & now it looks like 2015 will be our Magnus opus year........I wouldn't want to be out of this stock come 2015........or now for that matter!
adds around one-eighth to its market cap after a new expert assessment effectively added another low-risk project to its active portfolio.
Sound Oil’s Santa Maria Goretti, or SMG, project is located adjacent to two gas fields which have been producing for thirty years. A third party assessment by ‘competent person’ CGG Robertson estimates 66.4bn cubic feet of gas initially in place, of which it estimates 32.8bn cubic feet of prospective resources. It assigns a net present value (with a 10% discount rate) to the project €52.4mln. 30p-40p a share could happen sooner than we think. looking good.
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