12th Jan 2015 10:09
LONDON (Alliance News) - Sound Oil PLC Monday said production from its two producing Italian assets doubled during 2014, and said the revenue generated in the whole of Italy in 2014 "broadly covers the company's Italian cost base."
Production from the Rapagnano and Casa Tiberi gas fields in 2014 totalled 156.9 million standard cubic feet of gas, a 97% increase from 2013. The increase was driven by the company benefiting from its first full year of production from the Rapagnano field and first gas from the Casa Tiberi field starting in July.
The average production rate from the two fields during the year reached 430,000 standard cubic feet of gas per day.
Rapagnano and Casa Tiberi generated USD1.2 million in revenue during the year, which "broadly covers the company's Italian cost base," said Sound, which only has assets in Italy, including Sicily.
The company is expecting to achieve first gas from the Nervesa gas discovery during 2015 and said production from the field will be sold at a price "largely unaffected by the recent decline in global oil prices."
Sound shares were up 1.2% to 10.62 pence per share on Monday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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