South Oil to Retain Interest in 'Exciting' Badile Prospect in Northern Italy

Sound Oil, the UK-based exploration company, says it will retain 100 percent control of its Badile exploration prospect in northern Italy, which it describes as "exciting."

In a statement, the company confirmed it received an offer to farm into the Badile Prospect which it has decided to reject. Sound Oil says the offer was received from an Italian oil and gas major, without naming it.  "The offer did not reflect the potential of this major asset," the UK company says in its press release.

Either gas or oil can be harvested from Badile, the company believes.

Badile is a 185 Bcsf (gas case) / 23 MMbo (oil case) exploration prospect onshore in the Po Valley, about 30 km southeast from the geologically analogous Villafortuna-Trecate field.

Sound Oil said it would submit a drilling request and environmental impact assessment (EIA) to the Italian permitting authorities, targeting a 2014 Badile well. It also plans to recruit a high-quality, project-specific technical team for the well, which would reach a target depth of 5,300 metres.