16 June 2015
Sound Oil plc
("Sound Oil" or the "Company")
Dora / Dalla - EIA Approval
Sound Oil, the European / Mediterranean focused upstream oil and gas company, is pleased to announce the approval of the Environmental Impact Assessment ("EIA") for the award of the D503-BR-CS permit, covering Sound Oil's Dora and Dalla assets.
D503 BR-CS is an offshore licence in the central Adriatic and includes the Dora gas discovery (discovered by AGIP/ Shell in 1972) and the Dalla exploration prospect. In the recently completed CPR the licence was estimated to have a mid-case NPV10 of Euro 66 million (at Euro 31 cents per cubic metre).
Award of the D503-BR-CS permit is expected to follow.
James Parsons, Sound Oil's Chief Executive Officer, commented:
"We continue to progress our Italian portfolio which includes a blend of cost covering production, existing discoveries and high upside exploration.
We look forward to the permit award which will add another high value existing gas discovery to our portfolio. The Dora discovery sits adjacent to significant ENI infrastructure and, similar to the Company's other discoveries, will benefit from very strong Italian gas prices. "
For further information please contact:
James Parsons, Chief Executive Officer
Vigo Communications - PR Adviser
Tel: 44 (0)20 7016 9573
Smith & Williamson - Nominated Adviser
Tel: 44 (0)20 7131 4000
Peel Hunt -Broker
Tel: 44 (0)20 7418 8900