Project Profile
Value: US$1.2 billion
Location: Fermo Province (Marche), onshore Italy
Reserves: 1.3 Bscf gas reserves - 1 Bcf (28.3 mcm) remaining as at December 2015.
PRODUCTION: 12.4 MCM (0.43 BCF) CUMULATIVE AS OF 2016. 0.34 MCF/D (28,316 cubic metres) IN 2015
Start-up Year: Late January 2013
The Rapagnano field, located in the Fermo Province (Marche), onshore Italy, was discovered in 1952 and produced 4 Bscf gas from the Pliocene interval until 2001, when the well was shut down because of water influx from the upper of two separate gas-bearing reservoirs. Sound Oil intends to re-complete the lower reservoir which has produced gas with minimal water for over 40 years.
This interval has an estimated 1.3 Bscf gas reserves (P50) remaining which will be produced over a period of more than 10 years. The Rapagnano project requires a total of approximately US$1.2 million capital and is estimated to achieve payback in approx. 12 months in the base case. Final approval from the Italian authorities for the Rapagnano development is expected till September 2012.
Operators:
Sound Energy (previously named Sound Oil Plc): Operator with 100% interest
Contractor:
CSTI: Engineering contractor to undertake the surface and facilities engineering for the field