Sound Oil PLC Nervesa EIA Final Approval (5668Z)
December 12 2014 - 2:00AM
UK Regulatory
TIDMSOU
RNS Number : 5668Z
Sound Oil PLC
12 December 2014
12 December 2014
Sound Oil plc
("Sound Oil" or the "Company")
Nervesa EIA Final Approval
Sound Oil, the European focused upstream oil and gas company, is
pleased to announce that it has received the final EIA approval
from the Veneto Region for the second Nervesa appraisal well, which
will seek to confirm and develop the Southern discovery.
The drilling authorisation from the Italian Ministry of Economic
Development is expected later this month and operations on site are
ready to commence.
James Parsons, Sound Oil's Chief Executive Officer
commented:
"Nervesa remains a flagship project for Sound Oil with an
estimated NPV10 of circa US$66 million. The drilling of the next
well commences shortly and will signal the start of an exciting
period of back-to-back drilling with the Badile well followed by
both the SMG and Laura wells. "
For further information please contact:
Sound Oil j.parsons@soundoil.co.uk
James Parsons, Chief Executive
Officer
Smith & Williamson - Nominated Tel: +44 (0)20 7131 4000
Adviser
Azhic Basirov
David Jones
Ben Jeynes
Peel Hunt - Broker Tel: +44 (0)20 7418 8900
Richard Crichton
Charles Batten
Vigo Communications - PR Adviser Tel: +44 (0)20 7016 9573
Patrick d'Ancona
Chris McMahon
Notes:
NPV10 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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