Hot on the heels of its Moroccan success Sound Energy PLC (LON:SOU) is now gearing up for another potentially high impact wells, with civil works now underway for the Badile exploration well site in Northern Italy.
Sound Energy expects a rig to be mobilised to the Badile location during the fourth quarter of this year, and drilling is scheduled to begin before the end of 2016.
Chief executive James Parsons said: "Following our recent success in Morocco, I am pleased to initiate the countdown to our second Strategic Play.
“Badile is a material gas prospect and one of our largest and most strategic assets.
“I look forward to this opportunity to repeat our success at Tendrara."
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The Sound Energy share price is up some 400% in the year to date thanks to success with two wells on the Tendrara field in Morocco.
TE-6, Sound’s first well since taking on the project, exceeded expectations with very significant gas flows and early indications indicate what the company refers to as “multi-TCF” potential.
Sound’s next well, TE-7, is currently being drilled. Yesterday, the company revealed that the well had gone down to 2,623 metres, the third and final casing point where the crew has started to set and cement a seven-inch liner into the TAGI shale formation.
“The company will now proceed to drill the reservoir to the final target depth,” the firm said in a short stock exchange missive.
Significantly, TE-7 is located some 1.6 kilometres away from TE-6 and therefore it could potentially rubber stamp a very large discovery if similar results are returned.