Mediterranean-focused upstream firm Sound Oil says it has struck gas after drilling on its Nervesa permit in northern Italy.
The Alpine site was found to have a a gross pay of 476m, with 46m of net gas pay in 13 different zones within the Miocene Sana Dona formation.
The company is now looking to complete operations in order to secure certification from Italian authorities, with testing underway over the quality of commercial gas at the site.
“Whilst a comprehensive technical review is now required to confirm the size of the discovery, it appears sufficiently large to deliver important cash flows and provide funding alternatives for the 2014 drill programme,” said Sound chief executive James Parsons.
“With this well the Company has also demonstrated to investors, the Italian authorities and the important local Italian communities that it can secure permits in Italy and successfully execute complex drill programmes safely.
“At Nervesa we will now focus on the completion and testing of this well, the design and approval of a second well addressing the structure and the securing of the production concession.”
The company said it was hoping to begin production on the site, with a view to achieving first gas sales by 2015.
