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Rapagnano Reserve Upgrade
Rapagnano Reserve Upgrade.
About this update from Sound Energy Plc
[{"type":"text","content":"\n \nRNS Number : 0879J Sound Oil PLC 09 June 2014 \n \n\n9 June 2014\n \nSound Oil plc\n(\"Sound Oil\" or the \"Company\")\n \nRapagnano Reserve Upgrade\n \nSound Oil, the European / Mediterranean focused upstream oil and gas company, is pleased to confirm an increase in its internal proven reserve estimates at the onshore Rapagnano gas field in Italy.\n \nSince achieving first gas in May 2013, the Rapagnano gas field has produced over 4 MMscm (0.14 Bscf) without a lost time incident. This is significantly ahead of the Company's original production estimates.\n \nAt the end of May 2014, the Company completed a planned maintenance shutdown which provided the opportunity to measure the bottom hole pressure in the Rapagnano production well and to use the data to revise the Company's estimates of remaining reserves and field life.\n \nAfter a 48 hour build-up period the bottom hole pressure survey has confirmed that gas expansion drive is active in the reservoir with no observed water influx. \n \nBased on this data the Company has upgraded its internal estimate of proven (1P) reserves at Rapagnano to 30 MMscm, a 31% increase on the year-end 2013 estimate of 22.9MMscm (0.81 Bscf). The Company's proven and probable (2P) reserve estimate for Rapagnano remain unchanged at 36.2MMscm (1.28 Bscf), with production expected to continue on an extended plateau rate for at least another 12 years.\n \nChief Executive Officer James Parsons commented:\n \n\"Our strategy of monetizing our smaller production assets has been borne out by these very pleasing results at Rapagnano. Our next asset to come on stream will be the Casa Tiberi field with production start-up expected shortly.\"\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 \[email protected]\[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\n \n \n1P means proven reserves; 2P means proved plus probable reserves; MMscm means million stand...