Source: Sound Oil
Sound Oil’s (AIM: SOU) Italian subsidiary Apennine Energy has signed a contract with Hydro Drilling International SpA to supply a drilling rig for the Marciano-1ST well completion operation onshore Italy.
Sound Oil has today applied to the Ministry for Economic Development for official approval to conduct the operation. It is anticipated that this will be given in order to commence operations in April.
The Marciano completion is likely to take approximately 10 days and will perforate two intervals with wireline log indications of gas within zones at 1283-1288m and 1325-1331m measured depth in the well bore. Fugro-Robertson Limited have estimated in a Competent Person's Report that the zones could contain 2.5 Bscf of gas.
Apennine Energy holds a 99% working interest in the Fonte San Damiano concession located in Basilicata which contains the Marciano discovery.
"This is pleasing news and confirmation that the Company is on track to meet its operations schedule and expectations of first production this year,” said Gerry Orbell, chairman and chief executive.