Sound Oil, the Italian focused upstream oil and gas company is pleased to provide an update across its Italian portfolio.
Potential Acceleration: Laura Discovery (Offshore Southern Italy)
Laura is a 30 Bscf discovery in the Gulf of Taranto, previously discovered by ENI in 1980 with an independently assessed NPV10 of US$86 million. As previously advised the award of the Laura permit is expected in the first quarter and the Company plans to drill this discovery in 2014.
The Company has recently commenced discussions with the Italian Ministry of Economic Development ("UNMIG") with a view to accelerating the development of the Laura discovery by applying directly for a production concession (rather than a permit to drill an appraisal well). Moving directly to a concession would accelerate production from the Laura discovery by at least one year.
Farm In Offer: Badile Exploration Well (Lombardy Region)
Badile is a 185 Bcsf / 23 MMbo exploration prospect onshore in the Po Valley some 30 km southeast from the geologically analogous Villafortuna-Trecate field (estimated recoverable reserves of ~250 MMbo). Badile has an independently assessed success case NPV10 of US$410 million (gas case) or US$266 million (oil case).
The Company is pleased to confirm it has recently received a farm in offer from a high quality potential partner. The offer is currently under review / negotiation and the Company is considering its strategic options for this asset.
Operations Update: Nervesa Discovery (Veneto Region)
Nervesa is a 21 Bscf gas discovery which was discovered by ENI in 1985 and was put into production for several years. The discovery has an independent assessed base case value of circa US$60 million and is a near term flagship project for the Company.
Source: Sound Oil
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