Onshore Italy-focused Sound Oil reported Wednesday that the second well drilled on its Nervesa asset in northern Italy has reached a total depth of 6,740 feet and that logging is now also complete. The firm also announced that issued equity connected to the GBP 12 million ($18.75 million) placing it announced last month.
Sound said that mud log gas shows were recorded while drilling into target zones within the Miocene San Dona Formation. Wireline logging confirmed the presence of various gas-bearing levels, the firm added.
Sound now plans to proceed with completing and testing the well.
In a separate statement, Sound said that it has issued shares and warrants in respect of the first tranche of the GBP 12 million it announced on April 28. The firm has received GBP 9.1 million of cash in return for issuing 48 million shares and 48 million transferable warrants that will be listed on the Vienna Stock Exchange.
Sound said on April 28 that the net proceeds from the fund raising will be used to execute various strategic corporate and asset acquisitions that are currently under negotiation.
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