Onshore Italy-focused junior producer Sound Oil reported Tuesday that it has received the technical approval of the Environmental Impact Assessment for its Nervesa gas discovery production concession in northern Italy. The approval was given by the Veneto Region's Technical Committee.
Sound said that the final EIA approval from the Veneto Region and the Nervesa production concession award from the Italian Ministry of Economic Development are expected to follow at some point during the first quarter of the year.
The technical approval follows the receipt in December 2014 of the final EIA approval from the Veneto Region for the drilling of the second Nervesa appraisal well, where site operations are expected to begin shortly, Sound said.
Sound CEO James Parsons commented in a company statement:
"Securing first commercial production at the Nervesa gas discovery, expected during 2015, will be a landmark event for Sound Oil. The first well is expected to initially generate over Euro 4 million [$4.5 million] in annual revenues."
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