Production Concession Award

RNS Number : 1681T

Sound Oil PLC

16 July 2015

 

16 July 2015

Sound Oil plc

("Sound Oil" or the "Company")

Production Concession Award

Sound Oil, the Mediterranean focused upstream gas company is pleased to announce the award of the Casa Tonetto production concession (which includes the Nervesa discovery) from the Italian Ministry of Economic Development (the "Production Concession"). 

The award of the Production Concession is the final step in the permitting process to enable commercial production from the onshore well successfully drilled at the Nervesa gas discovery by Sound Oil in 2013.   

Construction of production facilities is expected to commence shortly in anticipation of securing first commercial gas later this year.   

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

"First commercial gas at Nervesa will be a significant milestone for the Company and I am pleased to report that we have now finalized the associated permitting.

The Nervesa discovery is approximately 80 metres from the high and low pressure gas distribution networks. Similar to the Company's other existing onshore discoveries, Nervesa benefits from very strong gas prices.  A Gas Sales Agreement with a long term partner is expected to be signed shortly."

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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