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Rapagnano Flow Rates

7 Jan 2013 07:00

RNS Number : 9115U
Sound Oil PLC
07 January 2013
 



7 January 2013

 

Sound Oil plc

("Sound Oil" or "the Company")

 

Rapagnano Flow Rates

 

Sound Oil, the Italian focused upstream oil and gas company is pleased to confirm a successful initial operation at the Rapagnano field in Italy, with flow rates and pressure in line with expectation.

 

Following site clearance, the Rapagnano-1 well (in the Marche Region) was re-entered and operations to isolate the upper perforated interval (1418-1430 m, A2 reservoir) and re-open the lower perforated interval (1652.5-1658.5 m, Sabbie reservoir) were successfully completed using coiled tubing.

 

Whilst testing will continue for the next 24 hours, a stabilized rate of 14,000 Scmd (0.5 MMscfd) with a flowing well head pressure of 19.3 Bar (280 psi) has already been confirmed. The gas is also confirmed as dry, with no trace of water from the reservoir.

 

The pressures and flow rates are fully consistent with the gas sales agreement and with the Company's estimates to produce 1.3 Bscf over a 13 year field life.

 

The well test will now be completed after which the equipment will be demobilized to allow continuation of the facilities re-vamping and construction of a short export pipeline to the nearby distribution grid. First commercial production is therefore expected to commence by the end of the month.

 

 

James Parsons, Sound Oil's Chief Executive Officer, commented:

"The Company continues on track to achieve the strategic milestone of first commercial gas, having successfully re-entered the well and established a stable flow rate. This initial cash inflow will make a substantial contribution to overhead costs and permanently establishes the Company as a gas producer.

This is the first step in building a track record of operational success. The Company will now focus on finalising the well test and preparing for the forthcoming Nervesa appraisal well."

 

 

 

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

Westhouse Securities - Broker

Antonio Bossi

Jonathan Haines

 

Tel: +44 (0)20 7601 6100

Buchanan - Financial PR

Tim Thompson

Helen Chan

Tom Hufton

 

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.

 

2. Units of flow are expressed as follows:  MMscfd means millions of standard cubic feet of gas per day; Scmd means standard cubic meters of gas per day; Bscf means billions of standard cubic feet of gas. Units of pressure are expressed in pounds per square inch (psi; 14.5 psi = 1 Bar).

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCSSDESMFDSEIF
Date   Source Headline
15th Jul 20147:00 amRNSSMG CPR
10th Jul 20149:37 amRNSIssue of Equity
26th Jun 201411:31 amRNSDirector/PDMR Shareholding
25th Jun 20144:27 pmRNSResult of AGM
25th Jun 20147:00 amRNSDirector/PDMR Shareholding
25th Jun 20147:00 amRNSDirectorate Change
18th Jun 20147:00 amRNSInstitutional Investment Agreements
12th Jun 20147:00 amRNSLaura Gas Discovery - Permit Award
11th Jun 201411:56 amRNSHolding(s) in Company
9th Jun 20147:00 amRNSRapagnano Reserve Upgrade
27th May 20147:00 amRNSCasa Tiberi - Operations Update
22nd May 201410:00 amRNSAnnual Report and Notice of AGM
21st May 20147:00 amRNSFinal Results
28th Apr 20147:00 amRNSNervesa Farm Out
25th Apr 20147:00 amRNSInstitutional Investment
14th Apr 20147:00 amRNSCasa Tiberi - Operations Commence
14th Mar 20147:00 amRNSCasa Tiberi Concession Award
14th Feb 201410:30 amRNSDirector/PDMR Shareholding
7th Feb 20144:00 pmRNSDirector/PDMR Shareholding
6th Feb 201410:16 amRNSDirector/PDMR Shareholding
5th Feb 20147:00 amRNSDirectorate Changes and Directors' Interests
3rd Feb 20147:00 amRNSResult of Open Offer
28th Jan 20147:00 amRNSLand Lease Agreement
14th Jan 20147:00 amRNSBoard Appts, Underwritten Open Offer and Loan
14th Jan 20147:00 amRNS24 month Work Programme
10th Jan 20147:00 amRNSRapagnano Production Update
8th Jan 20147:00 amRNSNervesa Rig Letter of Intent
23rd Dec 20137:00 amRNSDirectorate Change
23rd Dec 20137:00 amRNSSanta Maria Goretti Permit Award
18th Dec 20131:46 pmRNSDirectorate Change
21st Nov 20137:00 amRNSCasa Tiberi EPC Award
8th Oct 20137:00 amRNSNew Badile CPR
27th Sep 201311:18 amRNSDirector/PDMR Shareholding
27th Sep 20137:00 amRNSHalf Yearly Report
27th Sep 20137:00 amRNSCasa Tiberi Approval
4th Sep 20137:00 amRNSSuccessful Nervesa Well Test
9th Aug 20137:00 amRNSNervesa Update
18th Jul 20137:00 amRNSAppointment of Chief Financial Officer
17th Jul 20137:00 amRNSNervesa Gas Discovery
15th Jul 20137:00 amRNSNervesa Total Depth
5th Jul 20137:00 amRNSNervesa Appraisal Well Update
27th Jun 201312:30 pmRNSResult of AGM
24th Jun 20131:39 pmRNSNervesa Appraisal Well Update
11th Jun 20138:41 amRNSNervesa Update
7th Jun 20132:23 pmRNSCommencement of Drilling
7th Jun 20131:08 pmRNSDirector/PDMR Shareholding
4th Jun 20137:00 amRNSPosting of Annual Report and Notice of AGM
30th May 20137:00 amRNSFinal Results
17th May 20137:00 amRNSNervesa Rig Release
16th May 20137:00 amRNSRapagnano First Gas

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