10th Feb 2015 08:37
LONDON (Alliance News) - Sound Oil PLC on Tuesday said it has secured technical approval of the environmental impact assessment for the Nervesa gas discovery in Italy.
The company said the Veneto Region's Technical Committee has given its approval, and it expects the final environmental approval from Veneto and the production concession award from the Italian Ministry of Economic Development to follow in the current quarter.
"Securing first commercial production at the Nervesa gas discovery, expected during 2015, will be a landmark event for Sound Oil. The first well is expected to initially generate over EUR4 million in annual revenues," said Sound Chief Executive Officer James Parsons.
Shares in Sound Oil were up 2.4% to 11.132 pence on Tuesday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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