Monday, August 22, 2011
Sound Oil plc
Sound Oil announced that its subsidiary Apennine commenced civil engineering works on August 18 at the drilling site for the farm-in exploration well, Casa Tiberi-1, at the Montemarciano permit (75% Sound Oil interest). Drilling operations are expected to commence in the next 90 days and the budgeted cost of the well to the Company is US $1.5 million.
Commenting on the above, Gerry Orbell, Sound Oil's Chairman and Chief Executive said, "Casa Tiberi-1 is the first well that we shall be drilling as operator. The competent person estimated the risk of finding hydrocarbons to be 35% which is relatively low for an exploration well. If successful, the most likely worth to Sound is approximately US $12 million based on the present evidence but I am hoping for the upside which could be worth US $37 million."
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