Sound Oil Enhances Badile Drilling Program
Italy-focused Sound Oil reported Wednesday that it has made enhancements to its Badile drilling program onshore northern Italy, following the completion of technical work required for its drilling application.
The Badile project is located in the Po Valley and has independently-assessed prospective gas resources of between 47 billion cubic feet and 938 billion cubic feet.
Sound said that it has reduced the target depth of the well from 17,390 feet to 13,780 feet. The well will now target only the Upper Triassic "Dolomia Conchodon" reservoir, which the firm said will not significantly reduce the likelihood of encountering hydrocarbons.
The well is also budgeted to require a shorter period for drilling, down from an estimated 164 days to 143 days, which is aimed at significantly lowering costs from $26 million to $23.4 million.
Sound added that there should be an associated reduction in drilling complexity due to lower expected pressures and temperatures, while there will also be an increased likelihood of gas-condensate occurrence in the target section.
Meanwhile, the firm said it has secured a team of qualified and experienced professionals for the Badile project, including the appointment of a high-profile ex-ENI industry professional as project director.
Sound CEO James Parsons commented in a statement:
"This positive re-framing of the Badile drilling programme is an important step forward for the company which will lower the technical complexity of the well, shorten its drilling time, lower costs and increase well deliverability in the case of success. In addition, we expect that the revised programme objectives will accelerate the approval of the well by the various permitting authorities without compromising on the economic proposition for shareholders.
"The drilling request and EIA will be submitted shortly in anticipation of spud in 2014. The company will also sign a Letter of Intent on a suitable rig in the near future."
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