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San Lorenzo (Casa Tiberi)

License Details:

Area 4.92 km2
Status Production Concession
Effective Date 24.02.2012
Term 20 years, renewable
Opportunity Casa Tiberi
Reserves 0.1 Bcf
Net Value Under assessment

Interests:

Sound Energy 100%

Permit and Production Concession History

The San Lorenzo permit is located in central Italy near Ancona, in Marche region, within the foredeep trough of the Central Apennines. The principal hydrocarbon plays consist of biogenic gas in clastics within the shallow Pleistocene-Pliocene section and thermogenic gas in the deeper Miocene and older carbonates.

A dry well, Monsano-1, was already drilled in the permit area in 1972, but a re-interpretation of seismic data carried out by Sound Energy in 2009 determined that the well had been drilled off-structure. In November 2011, Casa Tiberi-1 was drilled, targeting Lower Pliocene Cellino sands, at the crest of a seismic amplitude anomaly. The well encountered 14.9 m gross (3.9 m net) of hydrocarbon pay. After the well was completed and successfully tested, development activities were completed with new process facilities and an export line to a low-pressure local system.

Recent Activity

Gas production from Casa Tiberi 1 commenced in 2013 and reached a cumulative production of 3 Mm3 (0.1 Bcf) in December 2016. Yearly sales gas volume is nearly 1.2 Mm3 (0.04 Bcf) as of December 2016.

In Sound Energy’s most recent reserves assessment, carried out December 2015, the remaining proven reserves (1P) are estimated at 0.1 Bcf.

A 12-month Gas Sales Agreement has just been signed to secure sales volumes until September 2017.