2nd Sep 2014 07:28
LONDON (Alliance News) - Sound Oil PLC Tuesday said the Treviso Province authorities have approved the environmental impact assessment for the second appraisal well of the Nervesa gas discovery, which will target its Southern limb.
In a statement, the Mediterranean-focused upstream oil and gas company said it expects that final approval for the environmental impact assessment from the Veneto Region and the drilling authorization from the Italian Ministry of Economic Development will follow, and it hopes to start operations on site in the fourth quarter.
"Nervesa remains a flagship project for Sound Oil with an estimated NPV10 of circa USD66 million (100%). I am also very encouraged by the streamlining of the Italian oil and gas permitting process, announced by the prime minister on Friday, which we expect to result in faster approval timelines going forward," Chief Executive James Parsons said.
NPV10 refers to net present value at a discount rate of 10%.
Sound Oil shares were up 2.5% at 12.55 pence early Tuesday.
By Samuel Agini; [email protected]; @samuelagini
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