1st Aug 2014 08:57
LONDON (Alliance News) - Sound Oil PLC Friday said a 5,000 per square inch single completion wellhead has now been delivered to a local warehouse for its Nervesa gas discovery, and the wellhead is now ready for installation.
The remaining long lead items have now also been ordered and are scheduled for delivery during September. These additional items include a full set of casing, tubing and the liner hanger, the company said.
The discovery, offshore Italy, has an estimated net present value of around USD66 million and is expected to provide material cash flows to the company from 2015.
"Preparations for the second appraisal well on the 24 billion standard cubic feet Nervesa gas discovery continue," Chief Executive James Parsons said in a statement. "The arrival of the wellhead and the procurement of the long lead items positions us, from September 2014, to commence operations on site immediately once the permission to drill is granted."
Sound Oil shares quoted up 0.8% at 12.22 pence Friday morning.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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