European-focused upstream firm Sound Oil is looking to up its drilling over the next two years after launching a new £1.6million fundraising offer.
The company, which has secured a £1.5million loan from potential new director Simon Davies, said it was looking to drill at least two new wells a year – with the 16million barrel Zibido prospect in Northern Italy among the targets.
Sound will look to increase cash from its existing Carita and Santa Maria Goretti permits, with securing drilling permits for the large Badile gas prospect a priority.
“This programme continues our intention to drill, at a minimum, two material wells every year whilst focusing our financial and human resources on the game-changing wells such as Badile, where operations should commence around the end of this year,” said chief executive James Parsons.
“In addition the programme builds a broad portfolio of producing assets, now with the addition of the recently awarded SMG permit.”
Sound said it was looking to add financier Simon Davies and geologist Gerry Orbell as non-executive directors once its fundraising offer was completed.