The concession is located in Italy’s Marche Region and the Rapagnano gas field on this concession had previously produced 4.1bscf of gas before it was shut-in in 2001.
According to the company, a recent reservoir engineering study by consultants Senergy has indicated that an additional 2.45bscf of gas is potentially recoverable from the field.
Apennine aims to put the field back on stream and the concession award is subject to the acceptance of any environmental impact assessment that may be required by the Marche regional authorities.
Sound Oil chairman and chief executive Gerry Orbell said the company plans to produce to the national gas network through the connection which is on site and provide an early cash flow with minimal investment.
