Sound Oil signs a Letter of Intent with Drillmec Spa (Scandinavian Oil-Gas Magazine)

Sound Oil signs a Letter of Intent with Drillmec Spa

Published Aug 12, 2014

Sound Oil has signed a Letter of Intent with Drillmec Spa for the exclusive use of an AHEAD 375 Drilling Rig in Italy for both the SMG and Laura wells in 2015.

James Parsons, Sound Oil's Chief Executive Officer, commented,"Laura and SMG are both existing gas discoveries which the Company plans to re-drill in 2015, with a combined NPV10 in excess of Euro 100 million.

The selection of this highly automated, electrically powered, hydraulic rig, with its minimal noise output and zero emissions, reflects Sound Oil's continued commitment to safety and the environment."

Tags: Sound Oil plc

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