Sound Oil Upgrades Prospect Estimate in Italy by 60%

UK-based Sound Oil upgraded the estimated value of its assets in Italy, in light of a recent report by ERC Equipoise that raised by 60% the Badile prospect in the Po Valley.

“We continue to prepare the company for drilling this asset with a view to capturing the upside NPV [net present value], which now exceeds $2 billion,” said Chief Executive James Parsons.

According to a note released on Tuesday, the report estimates the gross prospective resources at 106 bcf of gas and 12 million barrels of condensate for a total 178 bcf. This is an average estimate.

“Badile remains the largest and most strategic asset in Sound Oil’s portfolio,” said Parsons.

Sound Oil is an independent oil and gas exploration company, incorporated in England and Wales. It is listed on the AIM market of the London Stock Exchange. It is focused on Italy and Indonesia, where the company has interests in active exploration and development licenses.