Sound Oil announced the award of the Costa Del Sole Permit, onshore Sicily to the Company's wholly owned subsidiary Apennine Energy srl. Apennine Energy will be the 100% interest holder and operator of the permit. The award is made by the Department of Energy of the Sicily Region subject to the submission and acceptance of an Environmental Impact Assessment. Apennine Energy will submit the necessary documentation in the next few days.
Costa Del Sole is located in the southwest coastal region of Sicily in an area of known heavy oil discoveries and producing fields. The permit contains the Manfria-1bis oil discovery which flowed at a rate of 150 bopd and produced a cumulative 6,000 barrels during testing. It is estimated to contain P50 contingent resources of approximately 2 MMbo. An un-drilled prospect (Cielo) is adjacent to the discovery and could contain a similar resource if successfully drilled. Cielo appears to be in structural continuity with Manfria indicating a possible shared oil water contact and increased chance of hydrocarbon charge to the prospect. Both discovery and prospect are located approximately 10 km from the Gela field and heavy oil refinery. The forward strategy for the block would be to acquire, reprocess and interpret legacy seismic data in order to define drilling locations for possible appraisal and exploration wells.
Commenting on this announcement Gerry Orbell, Sound Oil's Chairman and CEO said, "I am pleased that this award continues the expansion of the Apennine portfolio of appraisal and development assets and provides us with additional opportunities for early drilling and revenue generation."
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