James Parsons News

Sound Energy, the European/Mediterranean focused upstream gas company, is pleased to provide the following update on its Moroccan and Italian gas portfolio. Further to the recently announced signatures with Schlumberger of both the strategic partnership across Europe and Africa and the Field Management Agreement specifically on Tendrara, the Company has now signed a Letter of Intent with Entrepose Drilling Morocco for the supply of a HH300 rig for the first two wells on the licence (which are expected to be back to back). The Company, post the recently announced transaction with Schlumberger, will retain operatorship and a 27.5% effective net working interest with a 20% effective net paying interest for the first well (increasing to 25% for the second and third wells).

Sound Oil, the European / Mediterranean focused upstream oil and gas company, is pleased to update investors on its continued progress with the proposed second well addressing the Southern limb of the Nervesa gas discovery, onshore Italy. The 5,000psi single completion wellhead has now been delivered to a local warehouse and is ready for installation. The remaining long lead items have now also been ordered and are scheduled for delivery during September. These additional items include a full set of casing, tubing and the liner hanger. James Parsons, Sound Oil's Chief Executive Officer, commented, "Preparations for the second appraisal well on the 24 Bscf Nervesa gas discovery continue.

Sound Oil, the European / Mediterranean focused upstream oil and gas company, achieved a significant upgrade in the recoverable volume of the Santa Maria Goretti ("SMG") gas prospect, onshore Italy. The onshore SMG Permit sits in the Marche Region in Central Eastern Italy, covers an area of 101km2 and is owned 100% by Sound Oil. The SMG Permit area contains the southern extension of two significant producing gas fields, from 4 wells, which are owned by ENI and Edison in the adjacent permit and have been producing for over 30 years. The main reservoirs for the SMG area are the Thin Beds and Level-1, both belonging to the Lower Pliocene Cellino formation. CGG Robertson have completed a full independent Competent Person's Report ("CPR") of this asset.

The world’s leading maritime service network Wilhelmsen Ships Service has relocated its St. Petersburg offices to upgraded premises. “The key reason for our move is that the new office space allows for the expansion that we are seeing as we achieve our planned growth of business in this area,” commented James Parsons, Area Director Eastern Europe for Wilhelmsen Ships Service. The new location offers a modern, safe and accessible environment for staff, and provides a convenient location for receiving customers. Wilhelmsen Ships Service will share the office space with its sister companies Wilhelmsen Ships Equipment and Wilhelmsen Marine Personnel. Parsons adds, “This is the first new office for Wilhelmsen Ships Service since we started operations in Russia back in the 1990s.