Dora / Dalla - EIA Approval

RNS Number : 2354Q

Sound Oil PLC

16 June 2015

 

16 June 2015

Sound Oil plc

("Sound Oil" or the "Company")

Dora / Dalla - EIA Approval

Sound Oil, the European / Mediterranean focused upstream oil and gas company, is pleased to announce the approval of the Environmental Impact Assessment ("EIA") for the award of the D503-BR-CS permit, covering Sound Oil's Dora and Dalla assets.

D503 BR-CS is an offshore licence in the central Adriatic and includes the Dora gas discovery (discovered by AGIP/ Shell in 1972) and the Dalla exploration prospect.  In the recently completed CPR the licence was estimated to have a mid-case NPV10 of Euro 66 million (at Euro 31 cents per cubic metre).

Award of the D503-BR-CS permit is expected to follow.

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

"We continue to progress our Italian portfolio which includes a blend of cost covering production, existing discoveries and high upside exploration.  

We look forward to the permit award which will add another high value existing gas discovery to our portfolio.  The Dora discovery sits adjacent to significant ENI infrastructure and, similar to the Company's other discoveries, will benefit from very strong Italian gas prices. "

For further information please contact:

Sound Oil James Parsons, Chief Executive Officer	[e-mail]
Vigo Communications - PR Adviser Patrick d'Ancona Chris McMahon Alexandra Roper	Tel: [phone]
Smith & Williamson - Nominated Adviser Azhic Basirov David Jones Ben Jeynes	Tel: [phone]
Peel Hunt -Broker Richard Crichton Charles Batten	Tel: [phone]

 

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