Sound Oil Purchases Drill Site Ahead of Badile Spud

Italy-focused Sound Oil announced Thursday that it has made an agreement to buy a plot of land in the Lombardy region of the country that will host the drill site for its initial Badile exploration well. Sound will pay $2.4 million for the 637,000-square foot plot.

Sound said that it has now ordered a specially-designed flanged wellhead from Breda Energia. The wellhead is expected in January 2015.

The remaining long lead items, including advanced technology casing and tubing, will be purchased under a framework agreement with Tenaris Dalmine, which is close to finalization.

Sound CEO James Parsons commented in a company statement:

"The company is well advanced with the procurement phase for Badile, and will shortly strategically position itself as landlord of the drill site. Badile remains the largest and most strategic asset in Sound Oil's portfolio with an independently assessed mid case estimate of 178 billion cubic feet equivalent, a best estimate NPV10 of approximately $650 million and a high case NPV10 of more than $2 billion.

"We expect to commence drilling of this potentially game changing well within the next six months."


Have a news tip? Share it with Rigzone!


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

Our Privacy Pledge

More from this Author
Rigzone Staff
e-mail us at
 -  What Should Go On Your Electrical Engi... (Jul 25)
 -  AECOM to Lead Permitting for Monkey Is... (Jul 25)
 -  LyondellBasell Plans Its Largest Inves... (Jul 21)
 -  Preparing a Mechanical Engineering Res... (Jul 19)
 -  Tesoro Signs Deal with Pemex to Enter ... (Jul 19)

Most Popular Articles

From the Career Center
Jobs that may interest you
Mechanical Engineer / Project Engineer
Expertise: Mechanical Engineering
Location: Miami
Directional Driller - South Texas
Expertise: Driller
Location: San Antonio, TX
Maintenance Mechanic
Expertise: Maintenance Technician|Mechanic
Location: Pecos, TX
search for more jobs

Brent Crude Oil : $50.2/BBL 3.29%
Light Crude Oil : $47.89/BBL 3.34%
Natural Gas : $2.94/MMBtu 1.37%
Updated in last 24 hours