LONDON (Alliance News) - Sound Energy PLC Thursday said commercial production from the Nervesa gas discovery within the Carita onshore permit in Italy has started.
Commercial production started on Wednesday after the Nervesa well, which was originally drilled by Sound back in 2013, was connected to the national gas export pipeline in early 2016. SNAM, the owner of the pipeline, also completed work in late 2015 that needed to be finished before any gas could be transported under the sales deal agreed between Sound Energy and Shell Energy Italia.
"A further announcement confirming production rates will be made in due course, after the initial clean-up phase is completed and the stable flow rate has been assessed," said the company.
Sound is now currently focused on completing its first well on the Tendrara licence in Morocco.
Sound shares were trading up 5.7% to 18.89 pence per share on Thursday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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Sound Energy (SOU)