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Acquisition
Acquisition.
About this update from Sound Energy Plc
[{"type":"text","content":"\n Sound Oil PLC\n26 June 2006\n\nThis announcement is not for release, publication or distribution in or into the\nUnited States, Canada, Australia, South Africa or Japan.\n\n26 June 2006\n\n SOUND OIL ACQUIRES MITRA ENERGIA AND RAISES £11.7 MILLION IN PLACING\n\nSound Oil (AIM: SOU), the upstream oil and gas company with cash assets of\napproximately £10 million is to acquire Mitra, an unquoted gas exploration and\ndevelopment company with interests in Indonesia, in a reverse takeover. Sound\nOil will acquire Mitra in consideration of an issue of new Ordinary Shares.\n\nHighlights\n\n\n • Sound Oil is to acquire Mitra, an unquoted gas exploration and\n development company with interests in Indonesia, in a reverse takeover.\n Mitra holds a 34 per cent. interest in the Bangkanai Block onshore central\n Kalimantan and a 20 per cent. interest in the Citarum Block onshore central\n Java.\n\n • Sound Oil, an AIM quoted company with cash of approximately £10 million,\n will acquire Mitra in consideration of an issue of 223,376,623 new Ordinary\n Shares which values Mitra at approximately £16.2 million at the Placing\n Price.\n\n • Sound Oil has raised £11.7 million before expenses at an issue price of\n 7.25p per share in a conditional placing of new Ordinary Shares.\n\n • The market capitalisation of the Enlarged Group at the Placing Price is\n approximately £50 million.\n\n • Sound Oil's cash resources as increased by the net proceeds of the\n Placing will be used principally for the development of Mitra's gas\n interests in Indonesia.\n\n • The transaction is subject to the approval of Sound Oil shareholders at\n an extraordinary general meeting to be held on 12 July 2006.\n\n • The Company expects the Placing Shares and Consideration Shares to be\n admitted to AIM following the EGM.\n\nCommenting on the Acquisition and Placing, Gerry Orbell, Chairman and Chief\nExecutive of Sound Oil said, \"This is a very good deal for Sound. Within a few\nmonths we will have started drilling the first of four high impact exploration\nwells on our licences in Java and Kalimantan. In addition we shall be developing\nthe Kerendan gas field in Kalimantan which we expect to give us a 20 year cash\nflow starting 2008\".\n\nThis summary should be read in conjunction with the full text of this\nannouncement.\n\nEnquiries\n\nGerry Or...