Business
Laura and SMG Rig
Laura and SMG Rig.
About this update from Sound Energy Plc
[{"type":"text","content":"\n \nRNS Number : 4681O Sound Oil PLC 08 August 2014 \n \n\n8 August 2014\n \nSound Oil plc\n(\"Sound Oil\" or the \"Company\")\n \nLaura and Santa Maria Goretti (\"SMG\") Rig\n \nSound Oil, the Mediterranean focused upstream oil and gas company, is pleased to announce that it has today signed a Letter of Intent with Drillmec Spa for the exclusive use of an AHEAD 375 Drilling Rig in Italy for both the SMG and Laura wells in 2015. \n \nJames Parsons, Sound Oil's Chief Executive Officer, commented:\n \n\"Laura and SMG are both existing gas discoveries which the Company plans to re-drill in 2015, with a combined NPV10 in excess of Euro 100 million. \n \nThe selection of this highly automated, electrically powered, hydraulic rig, with its minimal noise output and zero emissions, reflects Sound Oil's continued commitment to safety and the environment.\"\n \n \nFor further information please contact:\n \n\n\n\n\nSound Oil\nJames Parsons, Chief Executive Officer\n \n\n\[email protected]\n \n\n\n\n\nSmith & Williamson - Nominated Adviser\nAzhic Basirov\nDavid Jones\nBen Jeynes\n \n\n\nTel: +44 (0)20 7131 4000 \n\n\n\n\nPeel Hunt - Broker\nRichard Crichton\nCharles Batten\n \n\n\nTel: +44 (0)20 7418 8900\n\n\n\n\nNotes:\nNPV10 refers to a net present value at a discount rate of 10%; best estimate and P50 refer to a 50% chance of finding a given volume consistent with SPE (The Society of Petroleum Engineers) guidelines. 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.\n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCPFMFTMBTMBTI\n ","length":4128,"tagName":"div"}]