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Sound Oil appointed the Italian engineering company CSTI Srl as the engineering contractor for the Rapagnano gas field in the Fermo province onshore Italy.
Under the terms of the funding contract, CSTI will fund directly €500,000 of the total capital required for the development of Rapagnano. These funds will be used to pay for facilities equipment and related services. CSTI will receive 52% of the net cash flows from the project for a period of 30 months from first gas. Sound Oil will retain 100% ownership and control of the Rapagnano concession.