14 November 2012
Sound Oil plc
("Sound Oil" or "the Company")
Re-opening of D150 and D148 Permit Applications
Sound Oil, the Italian focused upstream oil and gas company, announces that it has been advised by the Italian Ministry of Economic Development that it has immediately re-opened the Company's applications for two of its offshore permits; d150DR-CS (containing the Laura gas discovery) and d148DR-CS, both located in the Gulf of Taranto, southern Italy.
These two permit applications had previously been withdrawn by the Ministry in August 2011 in compliance with the environmental decree 128/2010 enacted in June 2010 (which was preventing oil and gas activity within a 5 nautical mile radius of the Italian coast). A new Law 134/2012 gazetted in August 2012 reverses this previous restriction.
James Parsons, Sound Oil's Chief Executive Officer commented:
"The Laura discovery (d150 DR-CS) is one of the "hidden gems" in the Company's portfolio and we are pleased that we shall shortly receive the formal permit award. The Company intends to prioritise the appraisal and development of this material gas field."
For further information please contact:
James Parsons, Chief Executive Officer
Smith & Williamson - Nominated Adviser
Tel: 44 (0)20 7131 4000
Westhouse Securities - Broker
Tel: 44 (0)20 7601 6100
Tel: 44 (0)20 7466 5000