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Badile Rig
Badile Rig.
About this update from Sound Energy Plc
[{"type":"text","content":"\n \nRNS Number : 3798Q Sound Energy PLC 29 February 2016 \n\n29 February 2016\n \nSound Energy plc\n(\"Sound Energy\" or the \"Company)\n \nBadile Rig\n \nSound Energy, the Mediterranean focused upstream oil and gas company, is pleased to announce signature of a Memorandum of Understanding (\"MOU\") for the rig for the forthcoming Badile exploration well.\n \nThe Company has signed an MOU with Pergemina SpA for the use of the 3000 HP EMSCO C3 No.29 rig, which is already in Italy. The rig will be available within 4 months of signature of the contract, which is now under discussion. The terms of the rig will result in a further Euro 0.5 million reduction to the previously announced expected drill costs and will include the payment of 23% of the service charges through the issue of new ordinary shares in the Company with a value of approximately Euro 1 million. \n \nThe Company remains confident of a successful conclusion to the Badile permitting and confirms that it still expects to be in a position to drill Badile during 2016.\n \nJames Parsons, Sound Energy's Chief Executive Officer, commented:\n \n\"Badile remains the largest and most strategic asset in our portfolio with an independently assessed unrisked best case estimate of 178 Bscf equivalent. \n \nSecuring the rig and locking in significant additional cost reductions are important steps prior to farming out the asset.\" \n \nFor further information please contact:\n \n\n\n\n\nVigo Communications - PR Adviser\nPatrick d'Ancona\nChris McMahon \n\n\nTel: +44 (0)20 7016 9573\n\n\n\n\nSound Energy\nJames Parsons, Chief Executive Officer\n\n\[email protected]\n \n\n\n\n\nSmith & Williamson - Nominated Adviser\nAzhic Basirov\nDavid Jones\nBen Jeynes\n\n\nTel: +44 (0)20 7131 4000\n\n\n\n\nCantor Fitzgerald Europe - Broker\nSarah Wharry\nDavid Porter\n\n\nTel: +44 (0)20 7894 8896\n\n\n\n\n \n \nBscf means billion standard cubic feet of gas; Low, best and high case estimates refer to finding given volumes consistent with SPE (The Society of Petroleum Engineers) guidelines on Prospective Resources.\n \n \n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCBIGDDCGDBGLL\n ","...