Business
Nervesa Long Lead Items
Nervesa Long Lead Items.
About this update from Sound Energy Plc
[{"type":"text","content":"\n \nRNS Number : 9186N Sound Oil PLC 01 August 2014 \n \n\n 1 August 2014\n \nSound Oil plc\n(\"Sound Oil\" or \"the Company\")\n \nNervesa Long Lead Items\n \nSound Oil, the European / Mediterranean focused upstream oil and gas company, is pleased to update investors on its continued progress with the proposed second well addressing the Southern limb of the Nervesa gas discovery, onshore Italy. \n \nThe 5,000psi single completion wellhead has now been delivered to a local warehouse and is ready for installation.\nThe remaining long lead items have now also been ordered and are scheduled for delivery during September. These additional items include a full set of casing, tubing and the liner hanger.\n \nJames Parsons, Sound Oil's Chief Executive Officer, commented:\n \n\"Preparations for the second appraisal well on the 24 Bscf Nervesa gas discovery continue. The arrival of the wellhead and the procurement of the long lead items positions us, from September 2014, to commence operations on site immediately once the permission to drill is granted.\n \nThe discovery has an estimated NPV10 of circa US$66 million (100%) and is expected to provide material cash flows to the Company from 2015. The previously announced farm in on this asset is expected to be signed shortly.\"\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 Jones\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 \nNotes:\n \nNPV10 refers to a net present value at a discount rate of 10%. 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 MSCBXGDRDSXBGSB\n ","length":4652,"tagName":"div"}]