Sound Energy PLC (LON:SOU) said it is nearing the final sign-off for a potentially significant well in Italy, while it is also taking steps to better understand one of its producing assets in the country.
The firm has been told that a Conferenza dei Servizi has been called for March 21 shortly after which it hopes to have the green light to drill the Badile well in the Piedmont Lombard Basin.
Badile is targeting 178bn cubic feet of gas that carries a net present value of 486mln euros – so success would move the dial for Sound.
In terms of nearology, the project couldn’t be better placed. It is next door to ENI’s Gaggiano operation and a short drive from the Villafortuna-Trecate and Malossa fields.
In the same announcement, Sound said its Nervesa well had produced 24.6mln standard cubic feet (MMscf/d) of gas since going online last month.
The company has carried out static and dynamic profiles of the well, which identified an initial reduction in pressure associated with minor water production.
The plan is to rein back output from 0.7 MMscf/d to 0.4 MMscf/d and carry out a further static profile.
Depending on the results, Sound may consider re-perforating “select layers” of the reservoir or installing a velocity string, which will help with the liquids being pumped to surface.
At the Tendrara project, in Morocco, civil works and camp construction are progressing well, the rig has arrived in in-country and unloading on-site has begun.
Drilling is expected to begin next month.