LONDON (Alliance News) - Europe and Mediterranean-focused upstream oil and gas company Sound Energy PLC said it has made progress on its gas portfolios in both Morocco and Italy.
At the Tendrara licence in Morocco, the company has signed a letter of intent with Entrepose Drilling Morocco for the supply of a drilling rig for the first two wells on the licence.
Elsewhere, Sound Energy said the Lombardy Region of Italy has completed its approval process for the Badile licence, and it will now await approval from the Italian Ministry of Economic Development. Final permission to drill at Badile is expected to come following an upcoming ministry meeting.
In addition, Sound Energy said it has completed the acquisition of additional well information for Badile which has increased its confidence in the prospect proving successful.
At the Nervesa concession, Sound Energy said work on the pipeline connections is due to complete in mid-January, and production start-up is due for around the first week of February.
"Sound Energy's near-term operational programme includes first commercial production at Nervesa, two wells at Tendrara and a first well at Badile. We also expect to announce shortly the continued broadening of our balanced portfolio of exploration, appraisal and production assets across the region," said James Parsons, Sound Energy's chief executive.
Sound shares were up 0.2% to 17.161 pence on Wednesday morning.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Sound Energy (SOU)