Nervesa Gas Field Gets Environmental OK
Onshore Italy-focused Sound Oil reported Friday that it is set to receive the go-ahead to produce from its Nervesa gas field in northern Italy after getting environmental approval from the Veneto region's government.
Sound said it has received final approval of the Environmental Impact Assessment (EIA) for the Nervesa field production concession from the Veneto region, which means the Italian Ministry of Economic Development should award the Nervesa production concession shortly.
The firm said that preparations for the drilling of the second Nervesa well are nearing completion, with the rig now having arrived at the well site. The company expects to spud the well before the end of this month.
Sound CEO James Parsons commented in a company statement:
"The award of the Final EIA Approval is another important step in progressing towards first commercial production at the Nervesa gas discovery, which Sound Oil expects to achieve during 2015. The first Nervesa well, which was successfully drilled in 2013, is expected to initially generate over Euro 4 million [$4.3 million] in annual revenues.
"Sound Oil looks forward to updating investors on the commencement of drilling of the second Nervesa well, and on receipt of the Nervesa field production concession in due course."
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