( ) intends to access the Laura discovery off the Italian coast through extended drilling from onshore to reduce upfront and operating costs.

The company has just formally received a permit for the block that contains Laura from the Italian Ministry of Economic Development.

Italian oil giant ENI made the discovery in 1980 and previously it flowed at a stabilised rate of 10 MMscf (millions of standard cubic feet) per day with an independently assessed resource of 30 Bscf (P50).

The permit, which is now owned 100% by , is 4km offshore in the Gulf of Taranto, Southern Italy.

After analysing existing seismic data and well logs, its plan is to reach the reservoir from onshore using extended reach drilling technology and without further offshore seismic acquisition.

The well will be subject to an Environmental Impact Assessment, Sound said.

James Parsons, chief executive, added: "Laura is one of five game-changing assets in our Italian drilling programme, has an NPV10 of €66mln and is capable of generating significant free cash flows.

“The drilling of this offshore reservoir from onshore using extended reach drilling technology is an innovative and environmentally friendly approach which will ensure zero impact to the marine environment whilst also reducing development capital and operating expenditure."