9th Jun 2014 08:55
LONDON (Alliance News) - Sound Oil PLC Monday said it has increased its internal proven reserve estimates at the onshore Rapagnano gas field in Italy after higher production rates and pressure tests at the end of May.
The Mediterranean focused oil and gas firm said that it has now upgraded its internal estimate of proven reserves at Rapagnano by 31% to 30 million standard cubic metres from 22.9 million cubic metres at the year end 2013.
Sound Oil said the gas field has now produced over 4 million cubic metres, which is significantly ahead of its original production estimates, and the company measured the bottom hole pressure in the well during planned maintenance at the end of May in order to revise the estimates of remaining reserves and field life.
Sound Oil said that after a 48-hour build-up period, the bottom hole pressure survey confirmed that gas expansion drive is active in the reservoir, with no observed water influx.
The company added that its proven and probable reserve estimate for Rapagnano remains unchanged at 36.22 million cubic metres, and production is expected to continue on an extended production rate for at least another 12 years.
Sound Oil shares were up 3.2% to 11.48 pence on Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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