Sound Oil, an Italian focused upstream oil and gas company, has received formal approval from the Treviso Province authorities of the Environmental Impact Assessment for the Nervesa appraisal well.
The company says it expects final approval from the Italian Ministry of Economic Development will follow in about five weeks. Formal operations at the site will then begin with a view to starting drilling around the end of the year.
James Parsons, Sound Oil's Chief Executive Officer said: "Nervesa is a flagship project for Sound Oil with an independently estimated value approximately equivalent to the Company's current market capitalisation.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"This approval starts the countdown to well spud, which Sound Oil is targeting around the end of the year."
NR
-
Rents rise at slowest pace for four years – is buy-to-let still worth it?Slowing rental growth and higher property taxes are creating a headache for landlords. Does buy-to-let still offer a good yield?
-
Should you bag a bargain with a half-price investment trust?Twenty-six investment trusts look cheap by historic standards, with some trading at a discount of more than 50%. Are they a bargain or value trap?
