Sound Oil, the Mediterranean focused upstream oil and gas company, is pleased to announce that the Treviso Province authorities have approved the Environmental Impact Assessment ("EIA") for the second appraisal well of the Nervesa gas discovery, which will target its Southern limb.
It is expected that EIA final approval from the Veneto Region and the drilling authorization from the Italian Ministry of Economic Development will follow with a view to commencing operations on site in the fourth quarter.
James Parsons, Sound Oil's Chief Executive Officer commented:
"This is an important step for our business. Nervesa remains a flagship project for Sound Oil with an estimated NPV10 of circa US$66 million (100%). I am also very encouraged by the streamlining of the Italian oil and gas permitting process, announced by the Prime Minister on Friday, which we expect to result in faster approval timelines going forward."
