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.
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"This approval starts the countdown to well spud, which Sound Oil is targeting around the end of the year."
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