|Recoverable Resources||Most likely 32.8 Bcf|
|Value||Most likely €46M1|
Santa Maria Goretti is located in Ascoli Piceno (Marche) in central Italy. The area falls within the Marche-Abruzzo region – a foredeep trough of the Central Apennines. The main plays are gas hosted in both Pleisto-Pliocene clastics and Mesozoic carbonates.
The area has been explored under several titles between 1968 and 2008 by ENI, Montedison, Fina and Snia. These operators drilled only four wells within the permit.
The permit contains the extension of a North-South oriented anticline, which contains two gas fields (Grottamare and Carassai that have been on production for more than three decades).
Sound Energy filed an application in 2009, and was awarded the Santa Maria Goretti Permit from the Italian Ministry of Economic Development on the 23rd December 2013. To date only an Environmental Impact Assessment and extensive G&G studies have been completed on this permit.
Sound Energy continues to investigate the southern extension of the Grottammare and Carassai fields.
A full independent Competent Person’s Report (“CPR”) of this asset, completed in April 2015 by CGG Robertson, has estimated Gas Initially In Place (“GIIP”) as 66.4 Bcf* and recoverable Most likely Prospective Resources as 32.8 Bcf* for this opportunity. The Company’s plans to continue to evaluate this opportunity to estimate the value of the venture.
* indicates that the figures are supported by a corresponding Competent Person’s Report.