Sound Oil has received the final approval of the Environmental Impact Assessment for the Nervesa field production concession from the Veneto Region.
The award of the Nervesa field production concession from the Italian Ministry of Economic Development is expected to follow shortly.
Meanwhile, preparations for the drilling of the second Nervesa well are nearing completion - with the rig now having arrived at the well site. The Company expects to spud the well before the end of this month.
James Parsons, Sound Oil's Chief Executive Officer, commented, 'The award of the Final EIA Approval is another important step in progressing towards first commercial production at the Nervesa gas discovery, which Sound Oil expects to achieve during 2015. The first Nervesa well, which was successfully drilled in 2013, is expected to initially generate over Euro 4 million in annual revenues.