Sound to Spud Nervesa Well Within Weeks

Italy-focused Sound Oil expects to spud its first appraisal well on its onshore Nervesa discovery within weeks, after it announced Thursday that a land rig currently being used in the Netherlands is about to be released to the company.

LP Drilling, the owner of the contracted TB2100S drilling rig, has informed Sound that its operations in the Netherlands are being finalized, with mobilization to Italy expected to begin within the next fortnight. The estimated time taken to transport the rig to Italy is up to six days, while rigging up the rig will take another six days after which the well will be spud. Preparations at the Nervesa sites are now "materially complete", Sound said.

Drilling and logging is expected to take up to 30 days, while six days has been set aside for completion and clean up. Well testing should then take an additional five days.

Sound CEO James Parsons commented in a company statement:

"Nervesa is a 21 billion standard cubic feet gas discovery which was discovered by ENI in 1985, flowed for a couple of years and has an independently assessed base case value of circa $60 million.

"Following the decision to drill a second Nervesa well in 2013, the company estimates initial annual cash flows in a success case scenario of circa $21 million per annum, after tax and after the CSTI funding.

"The successful drilling of this flagship asset will be the first step in unlocking the significant value inherent in the Sound Oil portfolio. April and May will be critical months for the company."
 

 



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Lundin Norway Makes Oil, Gas Find in B... (Feb 24)
 -  PSA: Norway's Petroleum Industry Must ... (Feb 24)
 -  Sound Energy Progresses Tendrara Drill... (Feb 24)
 -  Lukoil Finds Oil at Iraq Well (Feb 22)
 -  Gazpromneft-Sakhalin: Ayashsky License... (Feb 22)


Most Popular Articles

From the Career Center
Jobs that may interest you
Sr Engineering Technologist - Delaware Basin Subsurface & Technology
Expertise: Business Analyst|Reservoir Engineering
Location: Midland, TX
 
Sr Reservoir Engineer - Subsurface and Technology
Expertise: Reservoir Engineering
Location: Midland, TX
 
Drilling Engineer
Expertise: Drilling Engineering|Petroleum Engineering|Workover or Completion
Location: Midland, TX
 
search for more jobs

Brent Crude Oil : $56.58/BBL 1.32%
Light Crude Oil : $54.45/BBL 1.60%
Natural Gas : $2.62/MMBtu 1.15%
Updated in last 24 hours