Sound Confirms 24-month Italian Work Program
Italy-focused Sound Oil announced Tuesday that it has finalized its 24-month work program for its assets in the country.
Sound said its work program for Italy would be focused on accelerating material cash flows from its existing discoveries on the Carita and Santa Maria Goretti permits, while it would prioritize high-upside exploration prospects including its Badile prospect.
Key drills, including the Nervesa development on the Carita permit and Badile, will be funded through the introduction of partners.
The program will include maintaining strong production from Rapagnano – an onshore gas field in the Marche region. It will also include the development of the Casa Tiberi field – its second onshore gas discovery in the Marche rgion – during the first half of this year. Sound said that the combination of the Rapagnano and Casa Tiberi cash flows are expected to completely fund the costs of firm's Italian operations.
In 2015, Sound expects to drill an appraisal well during the first half of the year on the onshore SMG permit area, located in the Marche region. It will also drill the Laura discovery – estimated to contain 30 billion cubic feet of gas – in the second half of 2015.
Meanwhile, Sound will also prepare for the drilling of the Zibido prospect, which potentially contains 16 million barrels of oil.
Sound CEO James Parsons commented in a company statement:
"This program continues our intention to drill, at a minimum, two material wells every year whilst focusing our financial and human resources on the game-changing wells such as Badile, where operations should commence around the end of this year. In addition the program builds a broad portfolio of producing assets, now with the addition of the recently awarded SMG permit.
"The combination of today's announced work program, directorate changes and funding initiatives position our company to fully exploit the potential of our Italian assets."
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