Business
Final Results for the year ended 31 December 2010
Final Results for the year ended 31 December 2010.
About this update from Sound Energy Plc
[{"type":"text","content":"\n \nRNS Number : 2153H Sound Oil PLC 25 May 2011 \n \n\nSOUND OIL PLC\n(\"Sound Oil\" or \"the Company\"\")\n \nFINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2010\n \nSound Oil, the upstream oil and gas company with assets in Indonesia and Italy, is pleased to announce its audited final results for the year ended 31 December 2010.\n \n \nKey highlights:\n \n- Successful Acquisition of Italian business\no 13 Discoveries\no 16 Exploration prospects\no Mainly operated\n \n- 8 Planned Wells 2011/12\n- Italy\no 1 Production well\no 2 Exploration/appraisal wells\n \n- Indonesia\no 5 Exploration wells\n \n- £11 Million Funds Raised\n \n- Funding Commitments Reduced\n \n \n \nChairman's Statement\n \nThis year has been the most successful since the Company was formed.\nAt the start of 2011 we acquired Consul Oil & Gas Ltd, a private UK company with a number of exciting assets in Italy. We now own 98% of the Consul shares through the issue of 275 million new Sound shares and a cash payment of £1.40 million - representing a total cost of £4.64 million at the time. The Italian assets have given the Company a second geographic area of focus and access to 17 permits containing a variety of promising opportunities. Since we took over in early January we have already commissioned a drilling rig to undertake the development at Marciano where an existing gas well needs to be completed as a producer. During the remainder of the year we shall be working up a number of exploration and appraisal prospects with a view to operating up to three wells over the next 12 to 18 months. The Company also considers that Italy offers further opportunities for expansion which we are actively pursuing.\nIn Indonesia, three substantial new exploration prospects have been identified on the Citarum permit where we have a 20% interest. These are the result of the extensive seismic programme which was finally completed after a two year effort. The terrain and environmental conditions made the work very difficult for the operator but the last of the 865km was finally acquired in the middle of 2010. The operator has scheduled the drilling of the three wells in the latter part of...