Sound Energy has signed a Memorandum of Understanding for the rig 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 4 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.

Tags: Sound Energy