8th Aug 2014 14:19
LONDON (Alliance News) - Sound Oil Friday said it has signed a Letter of Intent with Drillmec Spa for the exclusive use of an AHEAD 375 Drilling Rig in Italy for both the SMG and Laura wells in 2015.
"Laura and SMG are both existing gas discoveries which the Company plans to re-drill in 2015, with a combined NPV10 in excess of EUR100 million," Chief Executive James Parson said in a statement. "The selection of this highly automated, electrically powered, hydraulic rig, with its minimal noise output and zero emissions, reflects Sound Oil's continued commitment to safety and the environment."
The stock was trading down 2.9% at 12.38 pence Friday afternoon.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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