LONDON (Alliance News) - Sound Energy PLC Wednesday said it has received permission from the Italian Ministry of Economic Development to drill the Badile prospect, giving the company the all clear to drill the target later this year.
It is the final permission that Sound Energy needed in order to drill Badile and follows on from a meeting between the company and authorities on March 21. The company has secured approval on time, as the company previously said approval would be secured sometime in May.
Sound Energy has not outlined exactly when it plans to begin drilling Badile, but previously said drilling would follow on from the approval. On Wednesday, Sound Energy said the prospect would be drilled "during 2016".
Notably, the company has already secured the drilling rig to be used on Badile after signing a memorandum of understanding covering the use of a rig owned by Pergemina SA back in late February. That rig is already in Italy and was expected to be available within four months of the contract being signed, suggesting drilling on Badile could have to potentially wait until the end of June.
Sound Energy shares were up 3.8% to 16.35 pence per share on Wednesday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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Sound Energy (SOU)