Sound Oil Suspends Italy Well as Future Discovery

Sound Oil announced that the Casa Tiberi-1 exploration well in Italy, which is operated by the Company's wholly-owned subsidiary Apennine Energy srl, has been successfully drilled to a total depth of 715 m measured depth. Logging of the well has established a gross hydrocarbon column of 14.9 m, comprising several high quality gas bearing reservoir sands. Sound Oil is suspending the well as a gas discovery pending future work in the coming months, to determine the extent and commerciality of the accumulation.

By drilling the well to 715 m MD, Sound Oil has completed its original farm-in obligations on the Montemarciano Permit and has earned its 75% working interest in the license.

Subsequently its partner SARP, a small private Italian company which holds a 25% working interest in the license, has withdrawn from the well and assigned its interest in the well to Sound Oil meaning the Company therefore now holds a 100% working interest in the gas discovery and a 75% interest in the surrounding permit.

Gerry Orbell, Chairman and CEO of Sound Oil, commented, "We are pleased that the drilling of Casa Tiberi-1 has resulted in a gas discovery from our first operated exploration well in Italy. We will evaluate the results going forward and consider how best to bring this accumulation on-stream which could include the use of the gas processing and electricity generating equipment that the Company owns at the Marciano location."

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE


Most Popular Articles


From the Career Center
Jobs that may interest you
United States Broussard: Senior Field Engineer - MWD/LWD
Expertise: Field Development
Location: Broussard, LA
 
United States Evansville: Sr Field Engineer - Directional Drilling
Expertise: Directional Driller
Location: Evansville, WY
 
Expeditor
Expertise: Driller|Logistics Management|Materials Management
Location: Anchorage, AK
 
search for more jobs

Brent Crude Oil : $53.94/BBL 6.87%
Light Crude Oil : $51.06/BBL 3.27%
Natural Gas : $3.51/MMBtu 4.77%
Updated in last 24 hours