16th Jul 2015 07:09
LONDON (Alliance News) - Mediterranean-focused upstream oil and gas company Sound Oil PLC on Thursday said it has been awarded the production concession for the Casa Tonetto project, which includes its Nervesa discovery, by Italy's Ministry of Economic Development.
The award of the Production Concession is the final step in the permitting process to enable commercial production from the onshore well drilled in 2013, Sound Oil said.
The construction of the production facilities at the site will start soon, in anticipation of securing the first commercial gas flows from the well later in 2015.
"First commercial gas at Nervesa will be a significant milestone for the company and I am pleased to report that we have now finalized the associated permitting," said Chief Executive James Parsons.
Shares in Sound Oil were up 6.7% to 19.2 pence on the news in early trade, one of the best performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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