Sound Oil announces reopening of offshore Italy D150 and D148 permit applications

11/15/2012

Sound Oil announces reopening of offshore Italy D150 and D148 permit applications

LONDON -- Sound Oil has announced that it has been advised by the Italian Ministry of Economic Development that it has immediately reopened the Company's applications for two of its offshore permits D150DR-CS containing the Laura gas discovery and d148DR-CS, both located in the Gulf of Taranto, southern Italy.

These two permit applications had previously been withdrawn by the Ministry in August 2011 in compliance with the environmental decree 128/2010 enacted in June 2010 which was preventing oil and gas activity within a 5 nautical mile radius of the Italian coast.  A new Law 134/2012 gazetted in August 2012 reverses this previous restriction.

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