Sound Oil has received approval of its Environmental Impact Assessment for the Nervesa field production concession.
It is anticipated the award of the concession from the Italian Ministry of Economic Development will follow shortly.
The company said preparations for the drilling of the second Nervesa well are nearing completion – with the rig now having arrived at the well site.
Sound Oil, the European-focused upstream oil and gas company, said it expects to spud the well before the end of the month.
James Parsons, Sound Oil’s chief executive officer, said:”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 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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