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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
23rd Nov 20075:33 pmRNSDirector/PDMR Shareholding
9th Nov 20071:29 pmRNSHolding(s) in Company
2nd Nov 20074:26 pmRNSDirector/PDMR Shareholding
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

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