Business
Laura Gas Discovery - Permit Award
Laura Gas Discovery - Permit Award.
About this update from Sound Energy Plc
[{"type":"text","content":"\n \nRNS Number : 4197J Sound Oil PLC 12 June 2014 \n \n\n12 June 2014\n \nSound Oil plc\n(\"Sound Oil\" or the \"Company\")\n \nLaura Gas Discovery - Permit Award\n \nSound Oil, the European / Mediterranean focused upstream oil and gas company, is pleased to announce that it has received the formal award of the D.R74.AP Permit (previously the D150DR-CS Permit) from the Italian Ministry of Economic Development. \n \nThe permit, owned 100% by Sound Oil, contains the Laura field, a discovery located 4km offshore in the Gulf of Taranto, Southern Italy, which was discovered by ENI in 1980. The Laura discovery was previously successfully tested, delivered a stabilized rate of 10 MMscf per day and has an independently assessed resource of 30 Bscf (P50). \n \nFollowing successful analysis of the existing seismic data and well logs, the Company plans to reach the reservoir from an onshore location using extended reach drilling technology and without further offshore seismic acquisition. As with all drilling in Italy, the well will be subject to an Environmental Impact Assessment.\n \nJames Parsons, Sound Oil's Chief Executive Officer, commented:\n \n\"Laura is one of five game-changing assets in our Italian drilling programme, has an NPV10 of Euro 66 million and is capable of generating significant free cash flows. The award of this permit is another milestone for the Company in Italy. \n \nThe drilling of this offshore reservoir from onshore using extended reach drilling technology is an innovative and environmentally friendly approach which will ensure zero impact to the marine environment whilst also reducing development capital and operating expenditure.\"\n \n \nFor further information please contact:\n \n\n\n\n\nSound Oil\nJames Parsons, Chief Executive Officer\nStuart Joyner, Chief Financial Officer\n \n\n\n \n [email protected]\n [email protected]\n \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\n \nNote\nThe information contained i...