Project Profile
Location: Po Valley, in the Lombardy Region, Northern Italy
Reserves: 185 Bcsf / 23 Mmbo
Area: 154.5 km2
Badile exploration prospect is an onshore discovery located in the Po Valley, in the Lombardy Region, some 30 km southeast from the geologically analogous Villafortuna-Trecate field (estimated recoverable reserves of approximately 250 MMbo) in Italy. The prospect has reserves of 185 Bcsf / 23 Mmbo. Badile has an independently assessed success case NPV10 of US$410 million (gas case) or US$266 million (oil case). Sound Oil Plc is the operator and owner of the license with 100% interest. However, the Company has confirmed in January 2013 that it has recently received a farm in offer from a high quality potential partner. The offer is currently under review / negotiation and the company is considering its strategic options for this asset. The prospect covers an area of 154.5 km2. The permit area was initially held by ENI in the exclusive zone until 2004. A total of 460 line km 2D and 238 km2 3D seismic were acquired between 1974 and 1990. Two dry wells were drilled within the permit area between 1978 and 1982. Sound Oil filed an application in January 2006 and the permit was awarded in March 2010. To date only Environmental Impact Assessment and G&G data studies have been completed on this permit.
Operators:
Sound Energy (previously named Sound Oil Plc): Operator with 100% interest
Contractors:
Pergemina SpA: Drilling contract for the use of the 3000 HP EMSCO C3 No.29 rig. (March 2016)
Schlumberger: to fund and provide Euro 7.5 million of services on the forthcoming Badile well
- Schlumberger to be granted an option, exerciseable at nil additional cost at any point during a six month period following the completion of a well test and the declaration of a potential commercial discovery at the Badile licence, to acquire a 20% net profit interest in the Badile licence. (August, 2016)