Sound Oil, the Italian focused upstream oil and gas company, is pleased to announce the receipt of formal approval from the Treviso Province authorities of the Environmental Impact Assessment ("EIA") for the Nervesa appraisal well.
It is expected that the final approval from the Italian Ministry of Economic Development will follow in approximately five weeks. Formal operations at the site will then commence with a view to commencing drilling around the end of the year.
James Parsons, Sound Oil's Chief Executive Officer commented:
"Nervesa is a flagship project for Sound Oil with an independently estimated value approximately equivalent to the Company's current market capitalisation.
This approval starts the countdown to well spud, which Sound Oil is targeting around the end of the year."
Source: Sound Oil plc
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