Business
Re-admission
Re-admission.
About this update from Sound Energy Plc
[{"type":"text","content":"\n RNS Number : 5798D Sound Oil PLC 04 December 2009 \n \n4 December 2009\n\nSound Oil plc\n(\"Sound Oil\" or the \"Company\")\n\nTermination of discussions and lifting of suspension\n\nSound Oil, the upstream oil and gas company with assets in Indonesia, announced on 20 October 2009 that it was in discussions about the possible acquisition of a company with oil assets offshore West Africa. As the transaction was expected to represent a reverse takeover under the AIM Rules, trading in the Company's shares was suspended. These discussions reached an advanced stage but have now been terminated; accordingly the Company has requested that the suspension be lifted and trading in its shares is expected to re-commence at 8:00 a.m. this morning.\n\nThe Board and management of Sound Oil will now consider other opportunities and also press on with developing its assets at Bangkanai and Citarum and growing the Company in Indonesia. The Company believes it is well-positioned being debt free and with approximately £11 million cash. This cash represents approximately 1.6p per share.\n\nIn connection with the proposed transaction, the Company's assets have recently been independently evaluated by industry experts Senergy (GB) Limited1. A copy of Senergy's report is available on the Company's website: www.soundoil.co.uk. The report identifies in Sound Oil's portfolio:\n\n\n\nSix prospects which are available for drilling and which may contain in the mid case (P50)2, a combined total of 4.8 Tscf3 of unrisked gas prospective resources (1.6 Tscf net attributable to Sound Oil). These prospects have varying degrees of risk (chance of success) ranging from 5% to 35%.\n\n\n\n\n\nTwo of these prospects to be in the giant category with combined mid case (P50) gross gas prospective resources of 4.4 Tscf (1.5 Tscf net to Sound Oil).\n\n\n\n\n\nThe Estimated Monetary Value4 at 10% of the six prospects is US$53 million.\n\n\n\n\n\nThe Kerendan gas field in Bangkanai PSC co...