Nervesa EIA Approval

RNS Number : 5547Q

Sound Oil PLC

02 September 2014

 



2 September 2014

Sound Oil plc

("Sound Oil" or the "Company")

Nervesa EIA Approval

Sound Oil, the Mediterranean focused upstream oil and gas company, is pleased to announce that the Treviso Province authorities have approved the Environmental Impact Assessment ("EIA") for the second appraisal well of the Nervesa gas discovery, which will target its Southern limb.

It is expected that EIA final approval from the Veneto Region and the drilling authorization from the Italian Ministry of Economic Development will follow with a view to commencing operations on site in the fourth quarter.

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

"This is an important step for our business.  Nervesa remains a flagship project for Sound Oil with an estimated NPV10 of circa US$66 million (100%). I am also very encouraged by the streamlining of the Italian oil and gas permitting process, announced by the Prime Minister on Friday, which we expect to result in faster approval timelines going forward."

For further information please contact:

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

Notes:

NPV10 refers to a net present value at a discount rate of 10%. The information contained in this announcement has been reviewed by Sound Oil's Italian Managing Director, Luca Madeddu Bsc, a qualified petroleum geologist and member of the Society of Petroleum Engineers.

 

END

 

 

MSCSSEFIFFLSELU