Rapagnano gas reserves upgraded by 31%

Jun 09, 2014 12:00 AM

Junior explorer Sound Oil confirmed an increase to its proven reserve estimates at the Rapagnano gas field, onshore Italy.

The firm said that its internal estimate of proven (1P) reserves at Rapagnano has been upgraded to 1.06 billion cubic feet of gas – a 31-percent increase on its 2013 year-end estimate of 0.81 billion cubic feet.

Sound said the new estimates come after it took the opportunity to measure the bottom hole pressure in the Rapagnano production well during a planned maintenance shutdown in May.

Sound's estimate of proven and probable (2P) reserves at Rapagnano remained unchanged at 1.28 billion cubic feet.

Production at Rapagnano is expected to continue on an extended plateau rate for at least another 12 years, the firm added.

Sound CEO James Parsons commented in a company statement:

"Our strategy of monetizing our smaller production assets has been borne out by these very pleasing results at Rapagnano. Our next asset to come on stream will be the Casa Tiberi field with production start-up expected shortly."

 

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