Sound Energy has signed the contract securing the drilling rig for its Badile exploration well in Italy.
Further to the memorandum of understanding signed between the Company and Pergemine S.p.A (“Pergemine”) earlier this year, the Company is now pleased to announce that it has, on 28 November 2016, entered into a binding agreement with Pergemine for the use of the 3000 HP EMSCO C3 No.29 rig for the drilling of the Badile exploration well.
The rig is already in Italy and will be mobilised in January 2017, allowing the Company to proceed with drilling of the Badile well in the first quarter of 2017.
The terms of the rig will, as previously announced, include the payment of 23% of the service charges through the issue of new ordinary shares in the Company with a value of approximately €1 million.
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