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Sound Oil plc Announces Rapagnano Gas Sales Agreement

Friday, 30 Nov 2012 02:00am EST 

Sound Oil plc announced a Gas Sales Agreement (GSA) with Steca Energia Srl (Steca). As previously announced, the Company expects to commence production from the Rapagnano field shortly, targeting an estimated 1.3 Bscf (P50) over a thirteen year field life. The Company will directly connect the well to the local low pressure grid, operated by Steca (a local gas distributor), who will purchase the gas. The key terms of the GSA include: · Gas priced initially at €0.316 per Scm ($11.2 / Mscf), varying quarterly based on a basket of commodity prices (Diesel, Brent and Fuel Oil as published in Platts) with an estimated average 2013 price of €0.320 per Scm. · Optionality for Sound Oil to increase production during the winter period and benefit from a €0.16 per Scm price increase. · No penalties for Sound Oil in the case of reduced or a period of zero production. · A guarantee deposit from Steca covering one month of production. · Contract conditional on the concession award, expected shortly. 

Company Quote

-0.125 -1.18%
11 Jul 2014