2 Oct 2012 12:24
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2 October 2012
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Sound Oil plc
("Sound Oil" or "the Company")
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Operations Update: Indonesia - Geulis-1 Exploration Well
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Sound Oil, the upstream oil and gas company with assets in Italy and Indonesia, is pleased to announce the following update for its operations onshore Java, Indonesia.
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Citarum PSC, Java (Sound Oil 20%): Drilling at the Geulis-1 exploration well commenced at 00.40 local time on 2 October 2012. The well will be drilled as a deviated hole to a proposed total measured depth of 3,937 ft to target limestone and sandstone reservoirs in the Miocene, Parigi and Cibulakan formations. Operations are scheduled for 42 days.
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The well is located in the Jonggol area approximately 7 km east of the Pasundan-1 well and 16 km south of the Jatirarangon gas and oil discovery. In this part of the block drilling conditions are expected to be less challenging than at the Cataka-1 and Jatayu-1 wells as the structural style is less complex and more drilling information is available from surrounding wells.
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The Geulis prospect has been independently assessed by Fugro Robertson Limited to have gross P90-P50-P10 prospective gas resources of 9-26-55 Bscf respectively (P50 5 Bscf net to Sound Oil).
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For further information please contact:
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Sound Oil Gerry Orbell, Chairman & Chief Executive Michael Cope, Chief Operating Officer Β | Tel: +44 (0)1372 365745 Β |
Smith & Williamson - Nominated Adviser Azhic Basirov David Jones Β | Tel: +44 (0)20 7131 4000 |
Westhouse - Broker Antonio Bossi Jonathan Haines Β | Tel: +44 (0)20 7601 6100 |
Buchanan Tim Thompson Helen Chan Tom Hufton Β | Tel: +44 (0)20 7466 5000 Β |
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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 to a 90%, 50% and 10% chance respectively of finding a given volume and is consistent with SPE (The Society of Petroleum Engineers) guidelines. The resource estimates quoted above are from a Competent Person's Report prepared by Fugro Robertson Limited in October 2011 (this is available on the Company's website: www.soundoil.co.uk).
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