Business
Re-admission to AIM
Re-admission to AIM.
About this update from Sound Energy Plc
[{"type":"text","content":"\n Sound Oil PLC\n13 July 2006\n\nThis announcement is not for release, publication or distribution in or into the\nUnited States, Canada, Australia, South Africa or Japan.\n\n13 July 2006\n\n SOUND OIL SHARES RE-ADMITTED TO AIM\n\n COMPLETION OF ACQUISITION OF MITRA AND PLACING\n\nSound Oil (AIM: SOU), the upstream oil and gas company, has completed the\nacquisition of Mitra, an unquoted gas exploration and development company with\ninterests in Indonesia, in a reverse takeover. Sound Oil has acquired Mitra in\nconsideration of an issue of new Ordinary Shares.\n\nHighlights\n\n• Sound Oil's shares were re-admitted to AIM earlier today and the Company\n has completed the acquisition of 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 upstream oil and gas company, has acquired\n Mitra in consideration of an issue of 223,376,623 new Ordinary Shares.\n\n• Sound Oil has raised £11.7 million before expenses at an issue price of\n 7.25p per share in a placing of new Ordinary Shares.\n\n• Sound Oil's cash resources, as increased to over £20 million by the net\n proceeds of the Placing, will be used principally for the development of\n Mitra's gas interests in Indonesia.\n\n• The transaction was approved by Sound Oil shareholders at an\n extraordinary general meeting held on 12 July 2006.\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 Orbell, Chairman 07903 861 145\nSound Oil [email protected]\n\nSmith & Williamson, nominated adviser to Sound Oil\nAzhic Basirov 020 7131 4000\nDavid Jones 020 7131 4000\n\nBuchanan Communications\nTim Thomson 020 7466 5000\nBen Willey 020 7466 5000\nNick Me...