- Engineering Work Underway at Sound Oil's Montemarciano
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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