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Nervesa Drilling Authorisation

5 Mar 2013 13:47

RNS Number : 2746Z
Sound Oil PLC
05 March 2013
 



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:

 

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

Peel Hunt - Broker

Richard Crichton

Charles Batten

 

Tel: +44 (0)20 7418 8900

 

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.

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
DRLSSLFDIFDSELD
Date   Source Headline
9th Nov 20071:29 pmRNSHolding(s) in Company
2nd Nov 20074:26 pmRNSDirector/PDMR Shareholding
31st Oct 20078:53 amRNSDirector/PDMR Shareholding
8th Oct 20075:09 pmRNSDirector/PDMR Shareholding
28th Sep 20077:02 amRNSInterim Results
26th Sep 20077:01 amRNSOperations Update
18th Sep 20077:00 amRNSOperations Update
4th Sep 20077:00 amRNSNotice of Interim Results
31st Aug 20072:18 pmRNSOperations Update
22nd Aug 200710:34 amRNSOperations Update
16th Aug 20076:21 pmRNSHolding(s) in Company
16th Aug 200710:31 amRNSAIM Notice (Rule 26)
31st Jul 20073:04 pmRNSAGM Statement
26th Jun 20077:00 amRNSChange of Adviser
18th Jun 200710:46 amRNSDrilling Report
4th Jun 20077:01 amRNSFinal Results
21st May 20074:00 pmRNSDrilling Update
14th May 200712:42 pmRNSDrilling Update
9th May 200711:46 amRNSDrilling Update
15th Mar 200710:52 amRNSDirector/PDMR Shareholding
12th Mar 200711:20 amRNSHolding(s) in Company
28th Feb 20077:01 amRNSOperations Update
2nd Feb 20073:46 pmRNSHolding(s) in Company
16th Jan 20077:13 amRNSHolding(s) in Company
21st Dec 20067:01 amRNSHolding(s) in Company
15th Dec 20064:17 pmRNSTotal Voting Rights
10th Nov 20067:00 amRNSDirector/PDMR Shareholding
25th Oct 200611:35 amRNSDirector/PDMR Shareholding
5th Oct 20063:15 pmRNSHolding(s) in Company
2nd Oct 20067:01 amRNSNew appointment
29th Sep 20067:03 amRNSInterim Results
18th Sep 20062:56 pmRNSHolding(s) in Company
5th Sep 20067:01 amRNSNotice of Results
31st Aug 20067:01 amRNSPOD Approval
1st Aug 20067:02 amRNSHolding(s) in Company
1st Aug 20067:02 amRNSHolding(s) in Company
17th Jul 20065:42 pmRNSHolding(s) in Company
13th Jul 20068:24 amRNSRe-admission to AIM
12th Jul 200612:04 pmRNSResult of EGM
11th Jul 20065:29 pmRNSHolding(s) in Company
27th Jun 20063:56 pmRNSOption grant
26th Jun 20062:05 pmRNSSch 1 - Sound Oil PLC
26th Jun 200611:17 amRNSDirector/PDMR Shareholding
26th Jun 20068:40 amRNSRestoration - Sound Oil PLC
26th Jun 20067:01 amRNSAcquisition
22nd May 20062:48 pmRNSAcquisition
30th Mar 20067:01 amRNSFinal Results
20th Mar 20067:02 amRNSSuspension
20th Mar 20067:02 amRNSSuspension - Sound Oil PLC
16th Mar 20064:35 pmRNSHolding(s) in Company

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