Sound Oil reports good progress towards first gas

Sound Oil, an Italian focused upstream oil and gas company, has reported that following a concession award announced last week, it now anticipates gaining access to the Rapagnano Field in Marche, of which it is the operator, on Thursday 6th and beginning site operations in the following week.

Sound Oil, an Italian focused upstream oil and gas company, has reported that following a concession award announced last week, it now anticipates gaining access to the Rapagnano Field in Marche, of which it is the operator, on Thursday 6th and beginning site operations in the following week.

It said the re-entry and testing process will last approximately eight days, after which a water reduction programme may be carried out over a period of three days.

As such, testing is expected to be completed by December 19th, and once a stable gas flow rate has been proved, surface operations will then continue with re-commissioning work and construction of a short export pipeline.

Sound said it is targeting first gas in mid-January.

Meanwhile, at the Nervesa appraisal well, of which it is also the operator, the drilling rig was successfully inspected by the Italian Ministry of Economic Development, meaning a rig contract with LP Drilling will be signed shortly.

Drilling on the well is expected to begin at the end of January, around three weeks after the anticipated approval of drilling operations at the site.

James Parsons, Sound Oil's Chief Executive Officer, said: "The company is making good progress and is on the brink of achieving first gas and achieving spud of the most significant well in the company's history."

The share price rose 4.88% to 1.07p by 08:33.

NR

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

Oil producers are back at their Covid-19 lows – is it time to buy?
Oil

Oil producers are back at their Covid-19 lows – is it time to buy?

With demand for oil hammered by Covid-19 and talk of “peak oil demand”, there are lots of good reasons to be bearish on oil producers. So, asks John S…
22 Sep 2020
Why you should stuff your end-of-pandemic portfolio with Chinese stocks
China stockmarkets

Why you should stuff your end-of-pandemic portfolio with Chinese stocks

For an end-of-pandemic portfolio, you need assets that can cope with today’s volatility. And that, says Merryn Somerset Webb, means Chinese stocks.
14 Sep 2020
IAG's share price is ready for take-off - here's how to play it
Trading

IAG's share price is ready for take-off - here's how to play it

The owner of British Airways has had a turbulent year, but is now worth a punt. Matthew Partridge explains the best way to play it.
8 Sep 2020