Less Ads, More Data, More Tools Register for FREE

Pin to quick picksSound Energy Regulatory News (SOU)

Share Price Information for Sound Energy (SOU)

Share Price is delayed by 15 minutes
Get Live Data
1.80    0.00 (0.00%)
Bid:
1.70
Ask:
1.90
Spread: 0.20 (11.765%)
Market Cap: £4.11m
SOU Live PriceLast checked at - London Stock Exchange

Intraday Sound Energy Share Chart

Operations Update

22 Mar 2012 08:50

RNS Number : 8516Z
Sound Oil PLC
22 March 2012
 



22 March 2012

 

Sound Oil plc

("Sound Oil" or "the Company")

 

Jatayu Exploration drilling starts

 

Sound Oil, the upstream oil and gas company with assets in Italy and Indonesia, is pleased to announce the following update on its operations in Indonesia.

 

Citarum PSC, Java (Sound Oil 20%)

The Jatayu-1 exploration well commenced drilling at 21:30 local time on 21 March 2012. The well will be drilled to a total measured depth of 8714 ft (2656 m) to target the limestones of the Miocene Parigi Formation. Operations are scheduled to continue for 30 days.

 

The Jatayu prospect has been independently assessed by Fugro Robertson Limited to have gross P90-P50-P10 prospective gas resources of 140-290-530 Bscf (P50 58 Bscf net to Sound Oil with an NPV10 of US$30.3 million).

 

Gerry Orbell, Sound Oil's Chairman and Chief Executive commented:

"The Jatayu prospect is an exciting and significant exploration target for Sound which, should it be successful in the P50 case, is estimated to have an asset value to the Company of almost 1p per share. The prospect also has substantial upside potential.

 

The Jatayu well will be followed by exploration wells at Cataka and Geulis on the Citarum permit, all of which will be drilled by the same rig."

 

 

For further information please contact:

 

Sound Oil

Gerry Orbell, Chairman & Chief Executive

James Parsons, Chief Financial Officer

 

Tel: +44 (0)1372 365745

 

Smith & Williamson - Nominated Adviser

Azhic Basirov

David Jones

 

Tel: +44 (0)20 7131 4000

Investec - Broker

David Flin

 

Tel: +44 (0)20 7597 4000

Buchanan - Financial PR

Tim Thompson

Ben Romney

Helen Chan

 

Tel: +44 (0)20 7466 5000

 

 

Notes:

1.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; "P90", "P50" and "P10" refer respectively to 90%, 50% and 10% chances of finding a given volume and are consistent with SPE (The Society of Petroleum Engineers) guidelines; "NPV10" means estimated net present value using a discount rate of 10%.

2. If successful in determining P50 resources of 58Bscf net to the Company, the Competent Person Report values these at NPV10 US$30.3 million which is equivalent to approximately 0.9p per share.

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
DRLJTMPTMBITMIT
Date   Source Headline
30th Jun 20153:35 pmRNSResult of AGM, TVR and Update re Funding
25th Jun 20152:19 pmRNSShareholdings of Directors
24th Jun 20157:00 amRNSResult of Open Offer
19th Jun 20157:00 amRNSManagement Changes
17th Jun 201510:00 amRNSPosting of Supplementary Circular
16th Jun 20157:00 amRNSDora / Dalla - EIA Approval
16th Jun 20157:00 amRNSNervesa Update & Open Offer Supplementary Circular
8th Jun 20153:00 pmRNSResult of General Meeting
8th Jun 20157:00 amRNSNervesa and Open Offer Update
8th Jun 20157:00 amRNSMoroccan Country Entry - Signature of Farm In
2nd Jun 20157:00 amRNSPosting of Annual Report and Notice of AGM
29th May 20151:00 pmRNSTotal Voting Rights
21st May 20151:00 pmRNSOpen Offer and Notice of General Meeting
20th May 20157:00 amRNSIssue of Equity
20th May 20157:00 amRNSDrilling Update - Nervesa Second Well
18th May 20157:00 amRNSOpen Offer Timetable
11th May 20157:00 amRNSDrilling Update - Nervesa Second Well
11th May 20157:00 amRNSMorocco - Tendrara Licence
29th Apr 201511:00 amRNSDrilling Update - Nervesa Second Well
28th Apr 20151:30 pmRNSPlacing, Issue of Warrants and Intended Open Offer
28th Apr 20157:00 amRNSPreliminary Results
24th Apr 20157:00 amRNSNervesa Second Well - Drilling Commences
17th Apr 20157:00 amRNSNervesa Field - Production Concession
2nd Apr 20157:00 amRNSNew CPR
17th Mar 20157:00 amRNSBadile EIA Approval
17th Feb 20157:00 amRNSNervesa Drilling Authorisation
10th Feb 20157:00 amRNSNervesa Production Concession
22nd Jan 20157:00 amRNSIssue of Equity re RBL Facility
13th Jan 20157:00 amRNSWithdrawal of Intended Offer for Antrim Energy Inc
12th Jan 20157:00 amRNS2014 Production Update
12th Dec 20147:00 amRNSNervesa EIA Final Approval
24th Nov 20147:00 amRNSIntended offer for Antrim Energy Inc.
13th Nov 20147:00 amRNSNervesa Reserve Based Lending - Signature
15th Oct 20144:45 pmRNSHolding(s) in Company
13th Oct 20147:00 amRNSGas Sales Contracts and Badile Land Purchase
23rd Sep 20147:00 amRNSNervesa Reserve Based Lending - Heads of Terms
17th Sep 20147:00 amRNSHalf Yearly Report
8th Sep 20147:00 amRNSDirectorate Change
2nd Sep 20147:00 amRNSNervesa EIA Approval
8th Aug 20143:00 pmRNSLaura and SMG Rig
7th Aug 20147:00 amRNSBadile Land Purchase and Long Lead Items
1st Aug 20147:00 amRNSNervesa Long Lead Items
31st Jul 20143:00 pmRNSTotal Voting Rights
29th Jul 20147:00 amRNSInstitutional Investment
29th Jul 20147:00 amRNSCasa Tiberi First Gas
23rd Jul 20147:00 amRNSInstitutional Investment
17th Jul 20147:00 amRNSAppointment of Director
15th Jul 20147:00 amRNSSMG CPR
10th Jul 20149:37 amRNSIssue of Equity
26th Jun 201411:31 amRNSDirector/PDMR Shareholding

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.