Sound Oil announced that it has been advised by the Italian Ministry of Economic Development that it has immediately re-opened the Company's applications for two of its offshore permits 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These two permit applications had previously been withdrawn by the Ministry in August 2011 in compliance with the environmental decree enacted in June 2010 which was preventing oil and gas activity within a 5 nautical mile radius of the Italian coast.
A new law passed in August 2012 reverses this previous restriction.
"The Laura discovery is one of the "hidden gems" in the Company's portfolio and we are pleased that we shall shortly receive the formal permit award.Nothing like a financial crisis .... I wonder if there is any oil off-shore Greece?