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Market Cap: £4.80m
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Rapagnano Flow Rates

7 Jan 2013 07:00

RNS Number : 9115U
Sound Oil PLC
07 January 2013
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7 January 2013

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Sound Oil plc

("Sound Oil" or "the Company")

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Rapagnano Flow Rates

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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.

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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.

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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.

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The pressures and flow ratesΒ 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.

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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.

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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."

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For further information please contact:

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Sound Oil

James Parsons, Chief Executive Officer

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j.parsons@soundoil.co.uk

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Smith & Williamson - Nominated Adviser

Azhic Basirov

David Jones

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Tel: +44 (0)20 7131 4000

Westhouse Securities - Broker

Antonio Bossi

Jonathan Haines

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Tel: +44 (0)20 7601 6100

Buchanan - Financial PR

Tim Thompson

Helen Chan

Tom Hufton

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Tel: +44 (0)20 7466 5000

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Notes:

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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.

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2. Units of flow are expressed as follows:Β Β 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).

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This information is provided by RNS
The company news service from the London Stock Exchange
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END
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MSCSSDESMFDSEIF
Date   Source Headline
16th May 20137:00 amRNSRapagnano First Gas
7th May 20137:00 amRNSProject Update
24th Apr 20137:00 amRNSProject Update
22nd Apr 20137:00 amRNSSuccessful Rapagnano Commissioning
28th Mar 20137:01 amRNSNervesa Appraisal Well Update
22nd Mar 20137:00 amRNSResult of Open Offer
6th Mar 20137:00 amRNSOpen Offer
5th Mar 20131:47 pmRNSNervesa Drilling Authorisation
28th Feb 20137:00 amRNSAsset Swap
27th Feb 20137:00 amRNSRevised Work Programme
19th Feb 20137:00 amRNSBadile Prospect Update
15th Feb 20137:00 amRNSChange of Adviser
14th Feb 20137:00 amRNSNervesa Rig Contract
1st Feb 20137:00 amRNSItalian Portfolio Update
24th Jan 20134:43 pmRNSHolding(s) in Company
24th Jan 20137:00 amRNSExisting Placement & Open Offer
22nd Jan 20137:00 amRNSNervesa Consent
17th Jan 20133:51 pmRNSHolding(s) in Company
16th Jan 20137:00 amRNSFunding Update
8th Jan 20137:00 amRNSRapagnano Final Test Results
7th Jan 20137:00 amRNSRapagnano Flow Rates
4th Jan 201312:02 pmRNSResult of Meeting
20th Dec 20127:00 amRNSOperations Update
18th Dec 20125:33 pmRNSPosting of Circular
17th Dec 20127:00 amRNSDirector/PDMR Shareholding
12th Dec 20127:00 amRNSSale of Sub, Bd Change, Share Consolidation & GM
11th Dec 20122:28 pmRNSHolding(s) in Company
4th Dec 20127:00 amRNSOperations Update
30th Nov 20129:36 amRNSConcession Award
30th Nov 20127:00 amRNSRapagnano Gas Sales Agreement
21st Nov 20127:00 amRNSPresentation
20th Nov 20127:00 amRNSFunding Update
14th Nov 20127:00 amRNSRe-opening of D150 and D148 Permit Applications
8th Nov 20127:00 amRNSNervesa EIA Approval
2nd Nov 20127:00 amRNSInvestor Engagements
1st Nov 20125:29 pmRNSHolding(s) in Company
26th Oct 201212:21 pmRNSGrant of Options
24th Oct 201212:29 pmRNSDirector/PDMR Shareholding
24th Oct 20127:00 amRNSNervesa Funding Contract
22nd Oct 20127:00 amRNSRig Letter of Intent for Nervesa
18th Oct 20127:00 amRNSCitarum Sale
12th Oct 20129:21 amRNSHolding(s) in Company
11th Oct 20127:00 amRNSDirectorate Change
4th Oct 20124:34 pmRNSPosting of Interim Report
3rd Oct 20122:07 pmRNSChange of Date for Investor Conference Call
2nd Oct 20123:16 pmRNSHolding(s) in Company
2nd Oct 201212:24 pmRNSOperations Update
1st Oct 20127:00 amRNSOperations Update - Italy
28th Sep 20127:00 amRNSHalf Yearly Report
21st Sep 20123:09 pmRNSHolding(s) in Company

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