Last checked at 16 Mar 2011 07:00
For immediate release | 16 March 2011 |
Sound Oil PLC
("Sound Oil" or "the Company")
Operations Update: Rig Contract signed for Marciano Well, Italy
Sound Oil (AIM: SOU), the upstream oil and gas company with assets in Indonesia and Italy, is pleased to announce that its Italian subsidiary Apennine Energy srl has signed a contract with Hydro Drilling International SpA to supply a drilling rig for the Marciano-1ST well completion operation. The Company has today applied to the Ministry for Economic Development for official approval to conduct the operation. It is anticipated that this will be given in order to commence operations in April.The Marciano completion is likely to take approximately 10 days and will perforate two intervals with wireline log indications of gas within zones at 1283-1288m and 1325-1331m measured depth in the well bore. Fugro-Robertson Limited have estimated in a Competent Person's Report that the zones could contain 2.5 Bscf of gas.
Apennine Energy holds a 99% working interest in the Fonte San Damiano concession located in Basilicata which contains the Marciano discovery.
Gerry Orbell, Chairman and Chief Executive, commented:
"This is pleasing news and confirmation that the Company is on track to meet its operations schedule and expectations of first production this year".
For further information please contact:
Sound Oil Gerald Orbell, Chief Executive Tony Heath, Finance Director |
Tel: +44 (0)1372 371010 Tel: +44 (0)1372 371010
|
Buchanan Communications Tim Thompson Ben Romney Chris McMahon
| Tel: +44 (0)207 466 5000
|
finnCap Sarah Wharry Henrik Persson | Tel: +44 (0)207 600 1658 |