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Operations Update

15 Nov 2011 12:03

RNS Number : 1296S
Sound Oil PLC
15 November 2011
 



15 November 2011

Sound Oil plc

("Sound Oil" or "the Company")

 

Operations update - Montemarciano Permit

 

Gas discovery at Casa Tiberi-1 exploration well Ancona, Italy

 

Sound Oil, the upstream oil and gas company with assets in Italy and Indonesia, announces that the Casa Tiberi-1 exploration well in Italy, which is operated by the Company's wholly-owned subsidiary Apennine Energy srl, has been successfully drilled to a total depth of 715 m measured depth. Logging of the well has established a gross hydrocarbon column of 14.9 m, comprising several high quality gas bearing reservoir sands. Sound Oil is suspending the well as a gas discovery pending future work in the coming months, to determine the extent and commerciality of the accumulation.

 

By drilling the well to 715 m MD, Sound Oil has completed its original farm-in obligations on the Montemarciano Permit and has earned its 75% working interest in the licence.

 

Subsequently its partner SARP, a small private Italian company which holds a 25% working interest in the licence, has withdrawn from the well and assigned its interest in the well to Sound Oil meaning the Company therefore now holds a 100% working interest in the gas discovery and a 75% interest in the surrounding permit.

 

 

Gerry Orbell, Chairman and CEO of Sound Oil, commented:

 

"We are pleased that the drilling of Casa Tiberi-1 has resulted in a gas discovery from our first operated exploration well in Italy. We will evaluate the results going forward and consider how best to bring this accumulation on-stream which could include the use of the gas processing and electricity generating equipment that the Company owns at the Marciano location."

 

 

For further information please contact:

 

Sound Oil

Gerry Orbell, Chairman and Chief Executive

Michael Cope, Chief Operating Officer

 

Tel: +44 (0)1372 365745

 

Smith & Williamson - Nominated Adviser

Azhic Basirov

David Jones

 

Tel: +44 (0)20 7131 4000

Investec - Broker

Charles Batten

David Flin

Adam Strachan

 

Tel: +44 (0)20 7597 4000

Buchanan

Tim Thompson

Ben Romney

Helen Chan

 

Tel: +44 (0)20 7466 5000

 

 

The information contained in this announcement has been reviewed by 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
 
 
MSCBABTTMBMBBTB
Date   Source Headline
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
15th Mar 200610:03 amRNSHolding(s) in Company
20th Feb 20061:02 pmRNSHolding(s) in Company

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