8th Oct 2013 08:47
LONDON (Alliance News) - Sound Oil PLC Tuesday said it has increased the net present value of its Badile exploration gas project in Italy by 60%.
The European and Mediterranean oil-and-gas exploration, development and production company said that, following an independent competent persons report by ERC Equipoise Limited, the net present value of the site was increased to EUR486 million from EUR302 million in the company's previous CPR.
The company said the CPR also identified that the site net present value could be improved to EUR1.75 billion or could make a low of EUR101 million if not developed properly.
Sound Oil also said the CPR based the results on estimated gross prospective resources of 178 billion standard feet equivalent of gas and condensate
Sound Oil shares were down 3.2% to 8.23 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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