Sound Oil, the European / Mediterranean focused upstream oil and gas company, is pleased to announce the award of the Santa Maria Goretti Permit ("SMG Permit") from the Italian Ministry of Economic Development.
The onshore SMG Permit sits in the Marche Region in Italy, covers an area of 101km2 and is owned 100% by Sound Oil. The SMG Permit area contains the southern extension of two significant producing gas fields, which are operated by ENI in the adjacent permit. Sound Oil's internal seismic evaluation and reservoir studies are very encouraging and the Company plans to submit a drilling application early in 2014 to appraise the reservoir.
James Parsons, Sound Oil's Chief Executive Officer, commented:
"This is an important permit award for Sound Oil which unlocks another material low risk discovery in the portfolio and further demonstrates our continued capability to navigate the Italian permitting process. ENI's adjacent gas fields have been producing for over 30 years and the southern extension within the SMG Permit area is believed to be undrained. A CPR on this opportunity, which is potentially larger than Nervesa, will be commissioned shortly."
