Sound Oil plc provide operations update
Thursday, Dec 20, 2012
Sound Oil, the Italian focused upstream oil and gas company is pleased to provide the following update on its operations:
Nervesa Appraisal Well (Veneto, Italy, 100%, Sound Operated)
As previously announced, the Environment Impact Assessment was approved by the Treviso Province authorities on 8th November. The Ministry / Region approval process continues with the Company estimating that final approval for the drilling operation will be received in January with well spud expected around the end of January.
The Company is pleased also to announce dates for an investor site visit, hosted by the Executive team, on 21st and 22nd February 2013. This will be an opportunity for investors to observe the drilling first hand. For a draft schedule for the site visit please contact Tom Hufton on firstname.lastname@example.org 0207 466 5167.
The Company is also pleased to confirm that it has decided to maintain a 100% ownership position for the moment on this licence, despite recently having received various approaches and one firm (and attractive) offer.
Laura Appraisal Well (Calabria, Italy, 100%, Sound Operated)
The Laura permit is expected to be awarded early in the new year.
Following discussions with UNMIG, the Company has confirmed its intention to drill the offshore reservoir from the onshore. This is significantly cheaper than traditional offshore drilling and also heavily reduces the associated environmental risks. To facilitate this, the Company has additionally applied for a nearby onshore permit which is moving forward in the application process (revised on the 12th December by the Ministry's Committee for Hydrocarbon and Mining Resources) and should be awarded in 2013. At that point the Company will combine the two permits and formally apply to drill the long reach well from the onshore position. To accelerate first gas the long reach well will be directly converted to a production well.
Source: Sound Oil
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