Finance & Investing
News Services
Newsletters
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy
pledge.


advertisement

Sound Upgrades Gas Resources at Badile Prospect

change text size

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

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

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Alam Maritim Bags Marine Vessels Contr... (Mar 6)
 -  Northern Petroleum Agrees Cascina Albe... (Mar 5)
 -  Lamprell Delivers New Jackup for India... (Mar 5)
 -  Circle Abandons Shisr-1 Well Due to Dr... (Mar 4)
 -  Wintershall Completes Takeover of Vega... (Mar 4)
Most Popular Articles
From the Career Center
Jobs that may interest you
Offshore Drill Crew - Temp Labor Pool
Expertise: Driller|Floorhand|Roustabout
Location: US GOM
 
Offshore Maintenance Crew - Temp Labor Pool
Expertise: Electronics Tech|Rig Electrician|Rig Mechanic
Location: US GOM
 
Senior Service Mechanic
Expertise: Heavy Machinery Operator|Mechanic|Rig Mechanic
Location: Louisiana & Texas, LA
 
search for more jobs