Independent energy company, Sound Energy, has signed a contract securing a drilling rig for its Badile exploration well in Italy.
Further to the memorandum of understanding signed between Sound and Pergemine S.p.A earlier this year, Sound has now entered into a binding agreement with Pergemine for the use of the 3000 HP EMSCO C3 No.29 rig for the drilling of Badile.
The rig is already in Italy and will be mobilized in January 2017, allowing the company to proceed with drilling of the Badile well in the first quarter of 2017.
The terms of the rig will include the payment of 23 percent of the service charges through the issue of new ordinary shares in the company with a value of approximately $1 million.
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