24th Nov 2015 11:12
LONDON (Alliance News) - Mediterranean-focused oil and gas company Sound Energy PLC on Tuesday said the costs for the Badile exploration well in Italy have been cut.
After re-tendering the well programme contract, Sound Energy said it has secured a EUR5.0 million reduction to the expected cost of the upcoming well to EUR25.0 million.
It still expects to get final authorisation to start drilling on the well at the end of 2015 or in early 2016 and is continuing its efforts to identify and start talks with a farm-in partner.
Shares in Sound Energy were up 3.2% to 14.45 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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