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
-
Skipton launches a retirement bond with monthly income – is it any good?The building society has launched a new three-year fixed-rate bond for those aged 66 and over. Can it boost your retirement income?
-
Pensions: 140,000 pensioners to be hit by surprise tax demandTens of thousands of pensioners will be written to over the summer because their pensions have gone above the frozen income tax thresholds
