Sound Oil PLC Nervesa EIA Final Approval (5668Z)

TIDMSOU

RNS Number : 5668Z

Sound Oil PLC

12 December 2014

12 December 2014

Sound Oil plc

("Sound Oil" or the "Company")

Nervesa EIA Final Approval

Sound Oil, the European focused upstream oil and gas company, is pleased to announce that it has received the final EIA approval from the Veneto Region for the second Nervesa appraisal well, which will seek to confirm and develop the Southern discovery.

The drilling authorisation from the Italian Ministry of Economic Development is expected later this month and operations on site are ready to commence.

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

"Nervesa remains a flagship project for Sound Oil with an estimated NPV10 of circa US$66 million. The drilling of the next well commences shortly and will signal the start of an exciting period of back-to-back drilling with the Badile well followed by both the SMG and Laura wells. "

For further information please contact:

 
 Sound Oil                                      [e-mail] 
  James Parsons, Chief Executive 
  Officer 
 Smith & Williamson - Nominated                 Tel: [phone] 
  Adviser 
  Azhic Basirov 
  David Jones 
  Ben Jeynes 
 Peel Hunt - Broker                             Tel: [phone] 
  Richard Crichton 
  Charles Batten 
 Vigo Communications - PR Adviser               Tel: [phone] 
  Patrick d'Ancona 
  Chris McMahon 
 
 

Notes:

NPV10 refers to a net present value at a discount rate of 10%. 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.

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCEAKAFFLNLFFF