Sound Oil PLC
22 May 2006
Sound Oil plc
("Sound Oil" or the "Company")
22 May 2006
Bangladesh agreement
Sound Oil announces that it has entered into an agreement under which it will
acquire a 50% interest in a Production Sharing Contract ("PSC") covering
Bangladesh Block 22. The operator of the PSC is Ocean Bangladesh Corporation.
This transaction is subject to final negotiations with, and the agreement of,
the appropriate Bangladesh authorities. The consideration for this transaction
is US$2 million. Block 22 covers an area of approximately 1,250km2 in the
Chittagong Hills area in eastern Bangladesh. The Block lies to the south of gas
producing fields in India and to the east of the producing Sangu field operated
by Cairn Energy.
This transaction is not connected with Sound Oil's proposed acquisition of
interests in gas exploration and development in Indonesia announced earlier this
year. The Company's shares remain suspended as the Indonesian acquisition, which
will be subject to shareholder approval, represents a reverse takeover under the
AIM Rules. The Company continues to make progress with this acquisition and
expects to make a further announcement in the near future.
This information is provided by RNS
The company news service from the London Stock Exchange
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