Casa Tiberi Concession Award

RNS Number : 2709C

Sound Oil PLC

14 March 2014

 



14 March  2014

Sound Oil plc

("Sound Oil" or "the Company")

Casa Tiberi Gas Field - Concession Award

Sound Oil, the Italian focused upstream oil and gas company, is pleased to announce that approval of the San Lorenzo Production Concession has now been received from the Italian Ministry of Economic Development.  This concession permits the Company to commence commissioning operations at the Casa Tiberi gas field. 

The Casa Tiberi gas field, located in the Marche Region, onshore Italy, was discovered in 2011 and the discovery well was completed with the perforation of a single zone at a depth of 571-581 metres.  The well tested dry gas at 1.3 MMscf per day on a 5/16" choke and is expected to achieve first commercial gas during the first half of 2014.

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

"We are pleased to report continued operational progress in Italy.   Whilst Casa Tiberi is one of our smaller assets it will add to Sound Oil's near term production and revenue.  Operations on site are expected to commence in April, once construction of the production skid is complete."

For further information please contact:

Sound Oil James Parsons, Chief Executive Officer Stuart Joyner, Chief Financial Officer	[e-mail] [e-mail]
Smith & Williamson - Nominated Adviser Azhic Basirov David Jones Ben Jeynes	Tel: [phone]
Peel Hunt - Broker Richard Crichton Charles Batten	Tel: [phone]

Note

The information contained in this announcement has been reviewed by the Managing Director of Sound Oil's Italian subsidiary, Mr L. Madeddu BSc, a qualified petroleum geologist and member of the Society of Petroleum Engineers. MMscf means million standard cubic feet of gas.

 

END

 

 

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