Sound Oil chairman Simon Davies is confident a $14million investment injection will see the company turn its possibilities portfolio into real-time production figures.
The company leader addressed shareholders as the Mediterranean-focused upstream oil gas company posted its interim results for the first half of the year.
He called the investment “a critical inflection point for the company”.
He said: “This successful funding transaction which was secured at a significant premium to the prevailing share price, now positions the Company with the funds required to fulfil its immediate drilling priorities.”
The chief executive counts the firm’s Casa Tiberi project among its priorities. Following first gas announced earlier this year, the development’s gas sales now cover the firm’s Italian cost base.
Sound Oil has also recently launched a competitive farm-out process for its Badile prospect.
Simon added: “We continue to prioritise our human and capital resources towards the successful drilling of this game changing asset. In this context, I am also very pleased to note the announcement and subsequent decree by the Italian Prime Minister, in which he proposed a streamlining of the Italian oil and gas permitting process which we expect to result in faster approval timelines going forward.”
Finally, the firm expects its Nervesa find to be the “next addition to the producing portfolio”. First gas from the onshore discovery is expected next year.
Recommended for you
