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LONDON (Alliance News) - Sound Energy PLC on Tuesday said it has signed a contract to secure the drilling rig for its Badile exploration well in Italy.
Earlier this year, Sound Energy said it had signed a memorandum of understanding with Pergemine SpA for the use of the 3000 HP EMSCO C3 No29 rig, and on Tuesday said it has now entered into a binding agreement for the rig to drill its Badile well.
The rig is already in Italy and will be mobilised in January, enabling Sound Energy to proceed with the drilling of the Badile well in the first quarter of 2017.
The terms of the rig will include the payment of 23% of the service charges through the issue of new shares in Sound Energy with a value or around EUR1.0 million, as previously announced, Sound Energy said.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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