Regulatory Story
Go to market news section View chart   Print
Sound Oil PLC  -  SOU   

Concession Award

Released 09:36 30-Nov-2012

RNS Number : 4178S
Sound Oil PLC
30 November 2012

30 November 2012


Sound Oil plc

("Sound Oil" or "the Company")


Rapagnano Gas Field - Concession Award


Sound Oil, the Italian focused upstream oil and gas company, is pleased to announce that approval has now been received from the Italian Ministry of Economic Development permitting the Company to commence operations at Rapagnano shortly. 


The Rapagnano gas field, located in the Fermo Province (Marche), onshore Italy, was discovered in 1952 and produced 4 Bscf gas from the Pliocene interval until 2001, when the well was shut in. Sound Oil intends to re-complete the lower reservoir which has produced gas with minimal water for over 40 years. This interval has an estimated 1.3 Bscf gas reserves (P50) remaining which is expected to be produced over a thirteen year field life.




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


"The Company continues on track to achieve the strategic milestone of first gas and first revenue very shortly, having now secured the concession.  Operations on the site will commence within a week."




For further information please contact:


Sound Oil

James Parsons, Chief Executive Officer


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


Tim Thompson

Helen Chan

Tom Hufton


Tel: +44 (0)20 7466 5000




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, "P50" refers to a 50% chance of finding a given volume and is consistent with SPE (The Society of Petroleum Engineers) guidelines.


This information is provided by RNS
The company news service from the London Stock Exchange

London Stock Exchange plc is not responsible for and does not check content on this Website. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply.


Concession Award - RNS