29th Feb 2016 09:33
LONDON (Alliance News) - Mediterranean-focused oil and gas company Sound Energy PLC on Monday said it has signed a memorandum of understanding for the drilling rig for its Badile exploration well in Italy.
The contract has been with with Pergemina SA for the use of its 3000 HP EMSCO C3 No.29, which is already in Italy and will be available within four months of the contract being signed. Talks on the contract are underway, Sound Energy said.
The company said it remains confident of successfully concluding the permitting process for Badile and expects to drill the first well on the site this year.
Sound Energy shares were down 2.0% to 17.15 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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