Sound Energy PLC (LON:SOU) expects to get written approval for the Badile well in northern Italy from the Italian Ministry of Economic Development in May.
In one of Thursday’s two quick fire statements the company told investors that the "Conferenza dei Servizi", the central and final approval meeting needed to approve the well, had now completed.
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 is well placed. It is next door to ENI’s Gaggiano operation and a short drive from the Villafortuna-Trecate and Malossa fields.
Separately, Sound Energy also told investors that the Tendrara well, onshore Morocco, which spudded last week, has now reached its first casing point at a depth of 496 metres.
The well will now be drilled down to the second casing point, at 1,960 metres.