Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


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.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

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.


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.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

 Information  X 
Enter a valid email address

Sound Oil PLC (SOU)

  Print      Mail a friend       Annual reports

Wednesday 04 September, 2013

Sound Oil PLC

Successful Nervesa Well Test

RNS Number : 1633N
Sound Oil PLC
04 September 2013


4 September 2013


Sound Oil plc

("Sound Oil" or the "Company")


Successful Nervesa Well Test


Sound Oil, the European / Mediterranean focused upstream oil and gas company is pleased to announce a positive well test at the onshore Nervesa discovery in Northern Italy.


The well test achieved a stabilised total gas flow rate of 2.7 MMscfd from multiple sandstone intervals in the Upper Miocene San Dona Formation using a dual string completion. 


The Company is also pleased to confirm that, following a revision of its reservoir model for the full field, the P50 estimate of recoverable gas resources at Nervesa has increased from 21 Bcf (with an estimated NPV10 of US$58m) to 24 Bcf (with an estimated NPV10 of circa US$66m). 


Following these successful results, the Company will continue with its plans to:


(i)         apply for a Production Concession with a view to achieving first gas sales at Nervesa in 2015;


(ii)        drill a second well at Nervesa, addressing the Southern part of the  structure; and


(iii)       secure a Reserve Based Lending ("RBL") facility to provide funding for the next stage of Sound Oil's development;


In anticipation of securing an RBL facility, the Company has entered into an asset backed bridge loan facility (the "Bridge Loan") for some £2.5 million with a syndicate of private investors. The Bridge Loan matures in February 2015, carries a coupon of 10% per annum and an average annual fee of 9%. It is the Company's intention to repay the Bridge Loan with a portion of the proceeds from the RBL facility.  The Company has also renewed its existing Standby Equity Distribution Agreement ("SEDA") with Yorkville Advisors LLP for a period of three years on the pre-existing terms and without an upfront fee.


Beyond Nervesa, the Company will continue with the second phase of its strategy, which includes preparing for 2014 drilling at Laura and Badile.


The Company is pleased to invite investors to a conference call on 6th September 2013 at 1100. Details can be obtained from Annabelle Griffiths at [email protected].



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


"This is a significant milestone for the Company.

In October 2012 we set a strategy of transformational growth through the drilling of four material wells in Italy within twenty-four months.  Nervesa, the first of those wells, has been successful and is expected to provide material cash flows from 2015 as well as enabling the funding of a portion of the forward drill programme. 

The Company is now working on securing an attractive Reserve Based Lending facility and exploring the possibility of a partial sale of the discovery.  In the meantime the bridge loan provides short term flexibility.

We are now set to move to the next stage of our evolution and a step closer to achieving mid cap status."



For further information please contact:


Sound Oil

James Parsons, Chief Executive Officer


[email protected]


Smith & Williamson - Nominated Adviser

Azhic Basirov

David Jones


Tel: +44 (0)20 7131 4000

Peel Hunt - Broker

Richard Crichton

Charles Batten


Tel: +44 (0)20 7418 8900


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

The gas resource volumes and values mentioned above are based on P50 contingent resource estimates.

Scmd means standard cubic metres of gas per day; MMscfd means million standard cubic feet of gas per day; Bcf means billion standard cubic feet of gas; NPV10 refers to a net present value at a discount rate of 10%; best estimate and P50 refer to a 50% chance of finding a given volume consistent with SPE (The Society of Petroleum Engineers) guidelines.



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

a d v e r t i s e m e n t