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Sound Oil PLC  -  SOU   

Nervesa Consent

Released 07:00 22-Jan-2013

RNS Number : 0438W
Sound Oil PLC
22 January 2013
 



22 January 2013

 

Sound Oil plc

("Sound Oil" or "the Company")

 

Successful Nervesa "Conferenza Servizi"

 

Sound Oil, the Italian focused upstream oil and gas company is pleased to announce the successful conclusion of the "Conferenza Servizi" process for the Nervesa appraisal well.

 

This is the final step of the approval process organized by the Ministry of Economic Development with the participation of the Veneto Region, Treviso Province, Local Council and various local governmental bodies to reach agreement to approve the drilling of the well.  Following the successful "Conferenza Servizi" on 21st January, the written "Autorizzazione" approving the appraisal well will now be issued and the Company expects to receive this before the end of this month.

 

Sound Oil is also pleased to confirm that preparation of the Nervesa well site, to allow access and equipment storage, has now commenced.

 

 

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

 

"Nervesa is a 21Bscf gas discovery which was discovered by ENI in 1985 and was put into production for several years.  The discovery has an independent assessed base case value of circa US$60 million and is a flagship project for the Company.

 

I am pleased to report that preparatory operations on site have commenced which will accelerate spud of the well once the Autorizzazione is issued.  We still expect to receive the written Autorizzazione during January."

 

 

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

Tom Hufton

 

Tel: +44 (0)20 7466 5000

 

 

Notes

1. The Ministry has advised the Nervesa appraisal well will be designated Sant'Andrea-1.

 

2. The estimated gas resource volume and value mentioned above are based on P50 contingent resources and NPV10 estimates included in a Competent Person's Report prepared by Fugro Robinson Limited in October 2011. "P50" refers to a 50% chance of finding a given volume and is consistent with SPE (The Society of Petroleum Engineers) guideline; NPV10 refers to net present value at a discount rate of 10%; Bscf means billions of standard cubic feet.  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.


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