Sound Oil plc announces Rapagnano gas field - concession award
Friday, Nov 30, 2012
Sound Oil, the Italian focused upstream oil and gas company, is pleased to announce that approval has now been received from the Italian Ministry of Economic Development permitting the Company to commence operations at Rapagnano shortly.
The Rapagnano gas field, located in the Fermo Province (Marche), onshore Italy, was discovered in 1952 and produced 4 Bscf gas from the Pliocene interval until 2001, when the well was shut in. Sound Oil intends to re-complete the lower reservoir which has produced gas with minimal water for over 40 years. This interval has an estimated 1.3 Bscf gas reserves (P50) remaining which is expected to be produced over a thirteen year field life.
James Parsons, Sound Oil's Chief Executive Officer, commented:
"The Company continues on track to achieve the strategic milestone of first gas and first revenue very shortly, having now secured the concession. Operations on the site will commence within a week."
Source: Sound Oil
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