Sound Oil, the European / Mediterranean focused upstream oil and gas company, is pleased to announce the technical approval of the Environmental Impact Assessment ("EIA") for the Nervesa gas discovery production concession from the Veneto Region's Technical Committee (the "Technical Approval"). The final EIA approval from the Veneto Region and the Nervesa production concession award from the Italian Ministry of Economic Development are expected to follow during this quarter.
The Technical Approval follows receipt, in December 2014, of final EIA approval from the Veneto Region for the drilling of the second Nervesa appraisal well, where site operations are expected to commence shortly.
James Parsons, Sound Oil's Chief Executive Officer commented:
"Securing first commercial production at the Nervesa gas discovery, expected during 2015, will be a landmark event for Sound Oil. The first well is expected to initially generate over Euro 4 million in annual revenues.
I am pleased to report further proof of Sound Oil's ability to work efficiently through the Italian permitting process - enabling the achievement of key project milestones and the delivery of the Company's work programmes. I am extremely pleased with our progress and look forward to commercial production at Nervesa."
