Acquisition of further shares in Consul Oil & Gas

RNS Number : 7973M

Sound Oil PLC

22 August 2011

 



22 August 2011

Sound Oil plc

("Sound Oil" or "the Company")

Acquisition of further shares in Consul Oil & Gas

Sound Oil (AIM: SOU), the upstream oil and gas company with assets in Italy and Indonesia, announces that it has compulsorily acquired the remaining 2% of the ordinary shares in its subsidiary Consul Oil & Gas Limited ("Consul") which is now wholly-owned.

Consideration for the acquisition has been satisfied by the issue of 5,555,555 new ordinary shares of 0.1p each in Sound Oil ("Ordinary Shares") and the payment of a cash sum of US$46,667, being the same terms and conditions under which the other Consul shares were acquired by the Company earlier this year.

Application has been made for the admission to trading on AIM of the consideration shares.  Subsequent to admission of the consideration shares (expected on 26 August 2011), there will be 1,621,945,310 Ordinary Shares in issue with each share carrying the right to one vote.  There are no shares held in treasury.  The total number of voting rights in the Company will therefore be 1,621,945,310.  The above figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to their interest in, the Company under the Disclosure and Transparency Rules.

For further information please contact:

Sound Oil Gerry Orbell, Chairman and Chief Executive	Tel: [phone]
Smith & Williamson - Nominated Adviser Azhic Basirov David Jones	Tel: [phone]
Investec - Broker Charles Batten David Flin Adam Strachan	Tel: [phone]
Buchanan Communications Tim Thompson Ben Romney Helen Chan	Tel: [phone]

 

END

 

 

ACQDKBDKNBKDFFB