Sound Oil Positive About Future Gas Exploration in Italy

London-based Sound Oil expects to drill at Nervesa, Badile and Laura prospects in Italy in the next two years, with the intention to reap the benefit of the activities in the country to grow the business.

“Success at the Laura discovery and at the game-changing Badile exploration well should also propel Sound Oil towards our continued aim of becoming a fully funded mid-cap company,” Andrew Hockey, chairman of Sound Oil, said in a note released on Wednesday. 

The company expects to achieve first gas sales from Nervesa in 2015 and first gas production from Casa Tiberi in the first half of 2014. The British firm is also working on the Rapagnano field, which delivered first gas in May. 

‘Sound recently brought on board well-known Italian businessman Marco Fumagalli, as a strategic investor, while it also farmed out a 27.5% stake in Nervesa to Niche Group. The group posted a loss of £6.9mln in 2013, compared to £4.8mln a year earlier,’ concludes the communiqué.