RNS Number : 4681O
Sound Oil PLC
08 August 2014

8 August 2014


Sound Oil plc

("Sound Oil" or the "Company")


Laura and Santa Maria Goretti ("SMG") Rig


Sound Oil, the Mediterranean focused upstream oil and gas company, is pleased to announce that it has today signed a Letter of Intent with Drillmec Spa for the exclusive use of an AHEAD 375 Drilling Rig in Italy for both the SMG and Laura wells in 2015. 


James Parsons, Sound Oil's Chief Executive Officer, commented:


"Laura and SMG are both existing gas discoveries which the Company plans to re-drill in 2015, with a combined NPV10 in excess of Euro 100 million.


The selection of this highly automated, electrically powered, hydraulic rig, with its minimal noise output and zero emissions, reflects Sound Oil's continued commitment to safety and the environment."



For further information please contact:


Sound Oil

James Parsons, Chief Executive Officer




Smith & Williamson - Nominated Adviser

Azhic Basirov

David Jones

Ben Jeynes


Tel: 44 (0)20 7131 4000

Peel Hunt - Broker

Richard Crichton

Charles Batten


Tel: 44 (0)20 7418 8900


NPV10 refers to a net present value at a discount rate of 10%; best estimate and P50 refer to a 50% chance of finding a given volume consistent with SPE (The Society of Petroleum Engineers) guidelines. The information contained in this announcement has been reviewed by Sound Oil's Italian Managing Director, Luca Madeddu Bsc, a qualified petroleum geologist and member of the Society of Petroleum Engineers.


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