Successful well test for Sound Oil

European and Mediterranean focused energy explorer Sound Oil yesterday announced a positive well test in Northern Italy. Due to the successful results, the company now plans to drill a second well and apply for a production concession, with a view to achieving first gas sales in 2015. It also plans to secure a reserve based lending facility to provide funding for the next stage of its development. “This is a significant milestone for the company,” said chief executive James Parsons. “We are now set to move to the next stage of our evolution and a step closer to achieving mid cap status.”