14th Mar 2014 10:07
LONDON (Alliance News) - Sound Oil PLC Friday said it has received approval of the San Lorenzo Production Concession and can commence commissioning operations at the Casa Tiberi gas field in the Marche region of Italy.
The oil and gas company, with operations in Europe, said the Italian Ministry of Economic Development approved the development of the onshore Casa Tiberi site, one of the company's smaller assets.
The Casa Tiberi gas field was discovered in 2011, and a discovery well tested dry gas at 1.3 million square cubic feet per day in a single zone between 571 and 581 metres in depth at the time.
The company said operations on site are expected to start in April, and Casa Tiberi is expected to achieve first commercial gas during the first half of 2014.
Sound Oil shares were up 4.1% to 6.74 pence Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
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