2 October 2012
Sound Oil plc
("Sound Oil" or "the Company")
Operations Update: Indonesia - Geulis-1 Exploration Well
Sound Oil, the upstream oil and gas company with assets in Italy and Indonesia, is pleased to announce the following update for its operations onshore Java, Indonesia.
Citarum PSC, Java (Sound Oil 20%): Drilling at the Geulis-1 exploration well commenced at 00.40 local time on 2 October 2012. The well will be drilled as a deviated hole to a proposed total measured depth of 3,937 ft to target limestone and sandstone reservoirs in the Miocene, Parigi and Cibulakan formations. Operations are scheduled for 42 days.
The well is located in the Jonggol area approximately 7 km east of the Pasundan-1 well and 16 km south of the Jatirarangon gas and oil discovery. In this part of the block drilling conditions are expected to be less challenging than at the Cataka-1 and Jatayu-1 wells as the structural style is less complex and more drilling information is available from surrounding wells.
The Geulis prospect has been independently assessed by Fugro Robertson Limited to have gross P90-P50-P10 prospective gas resources of 9-26-55 Bscf respectively (P50 5 Bscf net to Sound Oil).
For further information please contact:
Gerry Orbell, Chairman & Chief Executive
Michael Cope, Chief Operating Officer
Tel: 44 (0)1372 365745
Smith & Williamson - Nominated Adviser
Tel: 44 (0)20 7131 4000
Westhouse - Broker
Tel: 44 (0)20 7601 6100
Tel: 44 (0)20 7466 5000
The information contained in this announcement has been reviewed by Sound Oil's Chief Operating Officer, Dr M. J. Cope BSc PhD CGeol FGS, a qualified petroleum geologist. "Bscf" means billions of standard cubic feet of gas; "P90, P50 and P10" refer to a 90%, 50% and 10% chance respectively of finding a given volume and is consistent with SPE (The Society of Petroleum Engineers) guidelines. The resource estimates quoted above are from a Competent Person's Report prepared by Fugro Robertson Limited in October 2011 (this is available on the Company's website: www.soundoil.co.uk).