Business
Nervesa EIA Approval
Nervesa EIA Approval.
About this update from Sound Energy Plc
[{"type":"text","content":"\n \nRNS Number : 5547Q Sound Oil PLC 02 September 2014 \n \n\n2 September 2014\n \nSound Oil plc\n(\"Sound Oil\" or the \"Company\")\n \nNervesa EIA Approval\n \nSound Oil, the Mediterranean focused upstream oil and gas company, is pleased to announce that the Treviso Province authorities have approved the Environmental Impact Assessment (\"EIA\") for the second appraisal well of the Nervesa gas discovery, which will target its Southern limb.\n \nIt is expected that EIA final approval from the Veneto Region and the drilling authorization from the Italian Ministry of Economic Development will follow with a view to commencing operations on site in the fourth quarter. \n \nJames Parsons, Sound Oil's Chief Executive Officer commented:\n \n\"This is an important step for our business. Nervesa remains a flagship project for Sound Oil with an estimated NPV10 of circa US$66 million (100%). I am also very encouraged by the streamlining of the Italian oil and gas permitting process, announced by the Prime Minister on Friday, which we expect to result in faster approval timelines going forward.\"\n \n \nFor further information please contact:\n \n\n\n\n\nSound Oil\nJames Parsons, Chief Executive Officer\n \n\n\[email protected]\n \n\n\n\n\nSmith & Williamson - Nominated Adviser\nAzhic Basirov\nDavid Jones\nBen Jeynes\n \n\n\nTel: +44 (0)20 7131 4000 \n\n\n\n\nPeel Hunt - Broker\nRichard Crichton\nCharles Batten\n \n\n\nTel: +44 (0)20 7418 8900\n\n\n\n\n \n \n\n\n \n \n\n\n\n\n \nNotes:\n \nNPV10 refers to a net present value at a discount rate of 10%. The information contained in this announcement has been reviewed by Sound Oil's Italian Managing Director, Luca Madeddu Bsc, a qualified petroleum geologist and member of the Society of Petroleum Engineers.\n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCSSEFIFFLSELU\n ","length":4513,"tagName":"div"}]