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WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

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You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

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The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

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CHANGES TO OUR PRIVACY POLICY

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Sound Oil PLC (SOU)

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Thursday 07 August, 2014

Sound Oil PLC

Badile Land Purchase and Long Lead Items

RNS Number : 4676O
Sound Oil PLC
07 August 2014
 



 7 August 2014

 

Sound Oil plc

("Sound Oil" or the "Company")

 

Badile Land Purchase and Long Lead Items

 

Sound Oil, the European / Mediterranean focused upstream oil and gas company, is pleased to update investors on its preparations for the forthcoming Badile exploration well. 

 

The Company has agreed terms to purchase a 59,140 square metre plot of industrial land in the Lombardy region of Italy for a total consideration of Euro 1.8 million (excluding VAT). The site will host the drill site for the initial Badile exploration well and for all other production wells required to exploit the discovery.  The Company will sign, notarise and complete this land purchase in September 2014 and is in discussions with various banks with a view to securing a mortgage on the property.

The Company has also now ordered a specially designed flanged wellhead (15,000psi with a stainless steel 3G production section) from Breda Energia SpA at a cost of Euro 380,000 (excluding VAT).  Delivery of the wellhead is expected in January 2015.

The remaining long lead items, including advanced technology casing and tubing, will be purchased under a framework agreement with Tenaris Dalmine, which is close to finalisation. 

James Parsons, Sound Oil's Chief Executive Officer, commented:

 

"The Company is well advanced with the procurement phase for Badile, and will shortly strategically position itself as landlord of the drill site.  Badile remains the largest and most strategic asset in Sound Oil's portfolio with an independently assessed mid case estimate of 178 Bscf equivalent, a Best estimate NPV10 of approximately US$650 million and a High Case NPV10 of more than US$2 billion.  We expect to commence drilling of this potentially game changing well within the next six months."

 

 

For further information please contact:

 

Sound Oil

James Parsons, Chief Executive Officer

 

j.parsons@soundoil.co.uk

 

Smith & Williamson - Nominated Adviser

Azhic Basirov

David Jones

Ben Jones

 

Tel: +44 (0)20 7131 4000

Peel Hunt - Broker

Richard Crichton

Charles Batten

 

Tel: +44 (0)20 7418 8900

Notes:

 

The information contained in this announcement has been reviewed by Sound Oil's Italian Managing Director, Luca Madeddu BSc, a qualified petroleum geologist.

 

Scmd means standard cubic metres of gas per day; MMscfd means million standard cubic feet of gas per day; Bscf means billion standard cubic feet of gas; Bscfe means billion standard cubic feet of gas equivalent; MMbbl means million barrels; NPV10 refers to a net present value at a discount rate of 10%; Low, Best and High Case Estimates refer to finding a given volume consistent with SPE (The Society of Petroleum Engineers) guidelines on Prospective Resources.

 

US Dollar figures in this announcement are provided for illustrative purposes only and are arrived at using an exchange rate of EUR1.00:US$1.34.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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