Sound Oil announced the following news concerning its Italian assets.
Testing operations at the Marciano-1ST well have produced gas at rates up to 98,000 scmd (~ 3.5 MMscfd) from one of the two perforated zones before the well had to be restrained due to site flare restrictions. The test will continue to determine a stabilized flow rate and information from the test flow will be used to determine the scope for early commercialization of the well.
Sound Oil has a 100% operated interest in the Marciano project located on the Fonte San Damiano Concession.
Commenting on these announcements Gerry Orbell, Sound Oil's Chairman and Chief Executive Officer, said, "This is a very encouraging result from Marciano where the upper sand has tested gas at very good rates. The next step is to re-certify the production equipment on site and then to generate revenue. Altogether today is a very good day for the Company."
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