Sound Upgrades Gas Resources at Badile Prospect

Printer Friendly Version
Email this Page

Italy-focused junior explorer Sound Oil announced Tuesday a significant upgrade in net present value of its Badile gas prospect at Po Valley, onshore Italy.

Badile is 100 percent-owned and operated by Sound and is located some 28 miles southwest the geologically-analogous Malossa gas field – which has produced a total of 177 billion standard cubic feet of gas along with condensate.

Sound said Tuesday that an independent competent person's report (CPR) of the prospect, completed by ERC Equipoise, confirmed a best estimate NPV10 of EUR 486 million ($360 million) – a 60-percent increase over the previous CPR estimate. The CPR has also identified a high case NPV10 of EUR 1.7 billion ($1.3 billion) and a low case NPV10 of EUR 101 million ($75 million).

Underpinning these estimates are gross prospective resources of 178 billion standard cubic feet of gas, with a high case estimate of 673 bcf and a low case estimate of 46 bcf. The study has also confirmed a 22-percent geological chance of success for the prospect.

Commenting in a company statement, Sound CEO James Parsons said:

"Badile remains the largest and most strategic asset in Sound Oil's portfolio. We continue to prepare the company for drilling this asset with a view to capturing the upside NPV, which now exceeds $2 billion."



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

Printer Friendly Version
Email this Page

WHAT DO YOU THINK?

Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  COSL Takes Delivery of Newbuild AHTS f... (Jun 29)
 -  Eni, KazMunayGas Enter Deal to Explore... (Jun 29)
 -  TGS to Buy Seismic Data Library from P... (Jun 29)
 -  Tanjung Offshore Mulls Brownfield Deve... (Jun 26)
 -  Circle Oil Confirms Flow Rates at LAM-... (Jun 26)


Most Popular Articles

From the Career Center
Jobs that may interest you
Offshore Roustabouts and Riggers
Expertise: Rigger / Scaffolding|Roustabout
Location: Gulf of Mexico
 
Deep Water Drilling Engineer
Expertise: Drilling Engineering
Location: Houston
 
Rigwatch Technician
Expertise: Instrumentation Technologist|Rig Electrician|Rig Instrument Tech
Location: Williston, ND
 
search for more jobs

Brent Crude Oil : $62.01/BBL 1.97%
Light Crude Oil : $58.33/BBL 2.18%
Natural Gas : $2.81/MMBtu 1.44%
Updated in last 24 hours