Sound Oil Presents New CPR
Sound Oil, the European / Mediterranean focused upstream oil and gas company presented the results of an updated Competent Person's Report ("CPR").
CGG Services (UK) Limited has completed an independent CPR on Sound Oil's portfolio, excluding Badile, Zibido and Casa Tiberi (the "CGG CPR"). The CGG CPR includes a full technical and economic review undertaken on Rapagnano, Carita, Laura and D503-BR-CS, with the other assets being subject to only an economic review (relying instead on the technical reviews included in prior CPRs produced by CGG - in October 2011 for Villa Gigli and Costa del Sole and in July 2014 for Santa Maria Goretti).
A full CPR on the Company's largest and most strategic asset, Badile, was already announced by the Company on 8 October 2013 (the "2013 CPR"). The 2013 CPR confirmed a gross best case prospective resources estimate of 178 Bscfe with a high case estimate of 673 Bscfe and a low case estimate of 46 Bscfe. A 2010 CPR (the "2010 CPR") confirmed a best case prospective resources gas estimate of 130 Bscf for the Company's Zibido prospect.
Highlights of the CGG CPR
· Broadening of the Company's core Italian gas portfolio to include the D503-BR-CS licence (the Dora discovery and the Dalla prospect)
· Confirmation of the scale of the current Italian portfolio
o 4.0 Bscf of Proved and Probable Reserves (of which 1.6 Bscf is already Proved), with a further 5.7 Bscf of Possible Reserves
o 66.7 Bscfe of best case estimate Contingent Resources (comprising 42.1 Bscf of gas and 4.1mmbo)
o 77.8 Bscfe of best case estimate Prospective Resources (comprising 61.0 Bscf of gas and 2.8mmbo), in addition to the 308.3 Bscfe from the Badile and Zibido prospects
· The inclusion of two early stage onshore oil discoveries in the licences of Villa Gigli and Costa del Sole
