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Sound Oil confirms scale of Italian portfolio with new CPR

Published: 07:44 02 Apr 2015 BST

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A new third party evaluation of Sound Oil’s (LON:SOU) Italian portfolio has confirmed and validated the scale of the assets, the company told investors.

The competent person's report (or CPR) identified 4bn cubic feet of proved and probable (2P) gas reserves, as well as 5.7bn cubic feet of possible gas reserves.

Contingent resources totalled 66.7bn cubic feet according to the CPR’s ‘best case’ estimate, while the estimate of prospective resources came in at 77bn cubic feet.

Chief executive James Parsons described the report’s findings as “very pleasing” and said the portfolio blends cost covering production, low risk existing discoveries and significant ‘blue sky’ exploration potential.

“[It] prepares the way for the next stage of development of our Italian business including various asset funding and partnership arrangements,” he said in a statement.

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