Nervesa EIA Final Approval

RNS Number : 5668Z

Sound Oil PLC

12 December 2014

 



12 December 2014

Sound Oil plc

("Sound Oil" or the "Company")

Nervesa EIA Final Approval

Sound Oil, the European focused upstream oil and gas company, is pleased to announce that it has received the final EIA approval from the Veneto Region for the second Nervesa appraisal well, which will seek to confirm and develop the Southern discovery.

The drilling authorisation from the Italian Ministry of Economic Development is expected later this month and operations on site are ready to commence.

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

"Nervesa remains a flagship project for Sound Oil with an estimated NPV10 of circa US$66 million. The drilling of the next well commences shortly and will signal the start of an exciting period of back-to-back drilling with the Badile well followed by both the SMG and Laura wells. "

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]
Vigo Communications - PR Adviser Patrick d'Ancona Chris McMahon	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.

 

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