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Sound Oil’s Nervesa well nearing first target

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Sound Oil (LON:SOU) revealed that the Nervesa appraisal well is now poised just above its first reservoir target.

In a statement the oil and gas junior said the key well has been drilled through the Upper Miocene conglomerates and reached a casing point at 1,389 metres.

It is now about 210 metres from the appraisal well’s first objective, Sound said.

The progress report is likely to be a comfort for investors as the well has already been side-tracked because the drill pipe became stuck in the Upper Miocene conglomerates at around 1,087 metres.

Nervesa is a key priority for Sound. The gas field is thought to contain about 21bn cubic feet of gas, it has been valued at US$60mln and initial cash flows are estimated at US$20mln per year.

Quick facts: Sound Energy PLC

Price: 1.298 GBX

AIM:SOU
Market: AIM
Market Cap: £17.21 m
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