14 March 2014
Sound Oil plc
("Sound Oil" or "the Company")
Casa Tiberi Gas Field - Concession Award
Sound Oil, the Italian focused upstream oil and gas company, is pleased to announce that approval of the San Lorenzo Production Concession has now been received from the Italian Ministry of Economic Development. This concession permits the Company to commence commissioning operations at the Casa Tiberi gas field.
The Casa Tiberi gas field, located in the Marche Region, onshore Italy, was discovered in 2011 and the discovery well was completed with the perforation of a single zone at a depth of 571-581 metres. The well tested dry gas at 1.3 MMscf per day on a 5/16" choke and is expected to achieve first commercial gas during the first half of 2014.
James Parsons, Sound Oil's Chief Executive Officer, commented:
"We are pleased to report continued operational progress in Italy. Whilst Casa Tiberi is one of our smaller assets it will add to Sound Oil's near term production and revenue. Operations on site are expected to commence in April, once construction of the production skid is complete."
For further information please contact:
James Parsons, Chief Executive Officer
Stuart Joyner, Chief Financial Officer
Smith & Williamson - Nominated Adviser
Tel: 44 (0)20 7131 4000
Peel Hunt - Broker
Tel: 44 (0)20 7418 8900
The information contained in this announcement has been reviewed by the Managing Director of Sound Oil's Italian subsidiary, Mr L. Madeddu BSc, a qualified petroleum geologist and member of the Society of Petroleum Engineers. MMscf means million standard cubic feet of gas.