Sound Energy signs MOU for Badile rig in Italy
SEVENOAKS, UK -- Sound Energy has announced signature of a Memorandum of Understanding (MOU) for the rig meant for the forthcoming Badile exploration well.
The company has signed an MOU with Pergemina SpA for the use of the 3000 HP EMSCO C3 No. 29 rig, which is already in Italy. The rig will be available within four months of signature of the contract, which is now under discussion. The terms of the rig will result in a further Euro 0.5 million reduction to the previously announced expected drill costs and will include the payment of 23% of the service charges through the issue of new ordinary shares in the company with a value of approximately Euro 1 million.
The company remains confident of a successful conclusion to the Badile permitting, and confirms that it still expects to be in a position to drill Badile during 2016.
