17 April 2015
Sound Oil plc
("Sound Oil" or the "Company")
Nervesa Field - Final EIA Approval of the Production Concession
Sound Oil, the European / Mediterranean focused upstream oil and gas company, is pleased to announce receipt of the final approval of the Environmental Impact Assessment ("EIA") for the Nervesa field production concession from the Veneto Region (the "Final EIA Approval").
The award of the Nervesa field production concession from the Italian Ministry of Economic Development is expected to follow shortly.
Meanwhile, 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.
James Parsons, Sound Oil's Chief Executive Officer, commented:
"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."
For further information please contact:
Vigo Communications - PR Adviser Patrick d'Ancona Chris McMahon |
Tel: +44 (0)20 7016 9573 |
Sound Oil James Parsons, Chief Executive Officer |
[email protected] |
Smith & Williamson - Nominated Adviser Azhic Basirov David Jones Ben Jeynes |
Tel: +44 (0)20 7131 4000 |
Peel Hunt - Broker Richard Crichton Charles Batten |
Tel: +44 (0)20 7418 8900 |
