Mediterranean-focused Sound Oil has increased its proven reserves estimates following testing of its Italian asset.
The company carried out a survey of the Rapagnano gas field during a planned maintenance shutdown at the end of May – one year after the site was brought online.
The findings proved higher than original estimates, with a 31% increase on the year-end estimate of proven reserves to 30million standard cubic metres.
Proven and probable reserve estimates for the field remained unchanged at 36.2million standard cubic metres, with production expected to continue for another 12 years.
“Our strategy of monetizing our smaller production assets has been borne out by these very pleasing results at Rapagnano,” said James Parsons, Sound Oil’s chief executive.
“Our next asset to come on stream will be the Casa Tiberi field with production start-up expected shortly.”
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