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Costa Del Sole

License Details:

Area 41.5 km2
Status Application
Opportunity Manfria (undeveloped discovery) and Cielo (prospect)
Recoverable Resources Combined most likely 5 MMbbbl
Value NPV €11M1
  1. NPV10 based on competent person’s report (CPR) by CGG Robertson dated 2015, assumes oil price of $48bbl

Interests:

Sound Energy 100%

Application Area History

Costa Del Sole is located on the south coast of Sicily. The area falls within the oil province of the Ragusa Basin.

The application area was previously explored in 1981 as the Agrigento permit by EMS. In 1983 it was transferred to SARCIS and ENI was appointed to operate. The Manfria-1bis well was drilled in 1985 to a TD of 4220 m and encountered heavy oil (12°API) in the Siracusa Formation at 4108 m. The well flowed at a rate of 150 bopd. Total production during the test amounted to 6,000 barrels of oil. The subsequent down-dip Manfria-2 appraisal well, however, encountered reservoir 200 m deeper than at the discovery and was a dry well. The most likely case recoverable reserves were estimated by ENI to be in the order of 2 MMbbl and no further drilling was undertaken. The licence was relinquished by ENI in 1990.

Sound Energy Application

Sound Energy’s application was submitted in 2009. The full award of the permit is subject to the approval of an Environmental Impact Assessment submitted in 2010.

Sound Energy continues to evaluate the resource potential of the Manfria discovery, for accelerated development and production. The Cielo prospect increases the potential of this opportunity. A major refinery for heavy oil is located at Gela, some 10 km from the Manfria discovery.

Fugro-Robertson have estimated the most likely case resources of the Costa Del Sole discovery to be 2.4 MMbbl*. Fugro Robertson also recognise additional most likely case resources of 2.8 MMbbl* in the adjacent Cielo prospect. The combined in place volumes (STOIIP) are estimated at approx 50 MMbbl*.

* indicates that the figures are supported by a corresponding Competent Person’s Report.