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5 Mar 2013 13:47
5 March 2013
Sound Oil plc
("Sound Oil" or "the Company")
Receipt of Final Nervesa Drilling Permission
Sound Oil, the Italian focused upstream oil and gas company is pleased to announce the receipt of the written "Autorizzazione" for the forthcoming Nervesa appraisal well in Northern Italy.
As previously advised, the Company will now mobilize the rig around 25th March with a view to commencing drilling in the first week of April.
The Company also invites shareholders to the next bi-monthly conference call with the Executive team at 11am on 11th March. For the dial in details please contact Annabelle Griffiths on A.Griffiths@soundoil.co.uk or 01372 365725.
James Parsons, Sound Oil's Chief Executive Officer, commented:
"Nervesa is a 21Bscf gas discovery which was discovered by ENI in 1985 and has an independently assessed base case value of circa US$60 million.
The successful drilling of this flagship asset is the first step in unlocking the significant value inherent in the Sound Oil portfolio."
For further information please contact:
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Note
The estimated gas resource volume and value mentioned above are based on P50 contingent resources and NPV10 estimates included in a Competent Person's Report prepared by Fugro Robertson Limited in October 2011. "P50" refers to a 50% chance of finding a given volume and is consistent with SPE (The Society of Petroleum Engineers) guideline; NPV10 refers to net present value at a discount rate of 10%; Bscf means billions of standard cubic feet. 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.
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