Italy-focused Sound Oil announced Tuesday that it has successfully concluded the 'Conferenza Servizi' process for its Nervesa appraisal well, onshore northern Italy.
The process is the final step needed for the Ministry of Economic Development and various governmental bodies to approve the drilling of the well. Written authorization approving the appraisal well will now be issued and Sound expects to receive this before the end of January.
Sound also confirmed that preparation of the Nervesa well site has now begun.
Sound Oil CEO James Parsons commented in a statement:
"Nervesa is a 21 billion standard cubic feet gas discovery which was discovered by ENI in 1985 and was put into production for several years. The discovery has an independent assessed base case value of circa $60 million and is a flagship project for the company.
"I am pleased to report that preparatory operations on site have commenced which will accelerate spud of the well once the Autorizzazione is issued. We still expect to receive the written Autorizzazione during January."
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