Last checked at 30 Nov 2012 09:36
30 November 2012
Sound Oil plc
("Sound Oil" or "the Company")
Rapagnano Gas Field - Concession Award
Sound Oil, the Italian focused upstream oil and gas company, is pleased to announce that approval has now been received from the Italian Ministry of Economic Development permitting the Company to commence operations at Rapagnano shortly.
The Rapagnano gas field, located in the Fermo Province (Marche), onshore Italy, was discovered in 1952 and produced 4 Bscf gas from the Pliocene interval until 2001, when the well was shut in. Sound Oil intends to re-complete the lower reservoir which has produced gas with minimal water for over 40 years. This interval has an estimated 1.3 Bscf gas reserves (P50) remaining which is expected to be produced over a thirteen year field life.
James Parsons, Sound Oil's Chief Executive Officer, commented:
"The Company continues on track to achieve the strategic milestone of first gas and first revenue very shortly, having now secured the concession. Operations on the site will commence within a week."
For further information please contact:
Sound Oil James Parsons, Chief Executive Officer
| j.parsons@soundoil.co.uk
|
Smith & Williamson - Nominated Adviser Azhic Basirov David Jones
| Tel: +44 (0)20 7131 4000 |
Westhouse Securities - Broker Antonio Bossi Jonathan Haines
| Tel: +44 (0)20 7601 6100 |
Buchanan Tim Thompson Helen Chan Tom Hufton
| Tel: +44 (0)20 7466 5000
|
Note
The information contained in this announcement has been reviewed by Sound Oil's Chief Operating Officer, Dr M.J. Cope BSc PhD CGeol FGS, a qualified petroleum geologist, "Bscf" means billions of standard cubic feet of gas, "P50" refers to a 50% chance of finding a given volume and is consistent with SPE (The Society of Petroleum Engineers) guidelines.