Sound Oil provides an update on 2014 production.
Total production for calendar year 2014 from the onshore Rapagnano and Casa Tiberi gas fields in Italy was 4.44 MMScm (156.9 MMScf). This was achieved without lost time incident. The 2014 production is a 97% uplift on the 2013 level, largely due to the Company benefitting from a full year of production at Rapagnano (2013: 7 months) and first gas from the Casa Tiberi gas field which was achieved in July 2014. The average production rate was 12,174 Scmd (0.43 MMScfd).
Total 2014 gas deliveries yielded revenue of approximately €1.2 million which broadly covers the Company's Italian cost base. The Company expects to secure first gas at the onshore Nervesa gas discovery during 2015 and is pleased to confirm that the price at which its gas production is sold remains largely unaffected by the recent decline in global oil prices.