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Status of d148 DR-CS and d150 CR-CS Permits
Status of d148 DR-CS and d150 CR-CS Permits.
About this update from Sound Energy Plc
[{"type":"text","content":"\n \nRNS Number : 1379M Sound Oil PLC 10 August 2011 \n \n\n\n\n\n\nFor immediate release\n\n\n10 August 2011\n\n\n\n\n \nSound Oil plc\n(\"Sound Oil\" or \"the Company\")\n \nStatus of d148 DR-CS and d150 DR-CS Permits\n \nSound Oil plc, the upstream oil and gas company with assets in Italy and Indonesia, announces that the Ministry of Economic Development in Italy has withdrawn Sound Oil's Assigned Permits d148 DR-CS and d150 DR-CS from the application process to full permit status. This is in compliance with the environmental decree 128/1210 enacted in June 2010 which prevents oil and gas activity within 5 nautical miles of the Italian coast. Sound Oil is considering appealing against this decision through the relevant authority. Sound Oil is one of 9 companies affected so far, involving the withdrawal of 18 permit applications in the Italian coastal zone over the last two months.\n \nCommenting on this Gerry Orbell, Chairman and Chief Executive said:\n \n\"The applications for these two permits were made a long time before the new environmental law was brought in following the BP Deepwater Horizon blowout in the Gulf of Mexico. As it affects many companies operating close to the Italian coast, it has been under continuous discussion by the Italian Oil and Gas trade association and the relevant ministries.\n \nOur other offshore Assigned Permit at D503 BR-CS (Dora gas discovery) lies outside this zone and is progressing to full permit status. In the near term we will now focus our offshore efforts on Dora.\n \nNeither of the withdrawn Assigned Permits was scheduled for drilling before 2013/14 and we expect to replace them with permits of greater value/potential in due course.\"\n \nFor further information please contact:\n \n\n\n\n\nSound Oil\nGerry Orbell, Chairman and Chief Executive\n \n\n\nTel: +44 (0)1372 365745\n \n\n\n\n\nSmith & Williamson - Nominated Adviser\nAzhic Basirov\nDavid Jones\n \n\n\nTel: +44 (0)20 7131 4000\n\n\n\n\nInvestec - Broker\nCharles Batten\nDavid Flin\nAdam Strachan\n \n\n\nTel: +44 (0)20 7597 4000\n\n\n\n\nBuchanan Communications\nTim Thompson\nBen Romney\nHelen Chan\n\n\nTel: +44 (0)20 7466 5000\n \n\n\n\n\n \n\nThis information is provided by RNSThe company news service from the London Stock Exchan...