Sound Oil PLC
08 May 2008
8 May 2008
Sound Oil plc
Sound Oil partners cure their default at Citarum
Sound Oil plc, which holds a 20% participating interest in the Citarum
Production Sharing Contract ("PSC"), West Java, through its subsidiary Mitra
Energia Citarum Ltd, announces that its partners in the PSC have cured their
default (announced by Sound Oil on 18 March 2008)in the sum of $5.864 million
plus related interest and costs and therefore revert to good standing under the
terms of the Joint Operating Agreement.
The parties involved are the Operator, Bumi Parahyangan Ranhill Energia Citarum
Pte. Ltd (BPREC) with a 60% participating interest and Bumi Parahyangan Energi
Pte. Ltd (BPE) with a 20% participating interest.
Gerry Orbell, Sound Oil's Chairman said: "We hope that now this default episode
is behind us we can get on with this year's approved seismic program and work up
more prospects for drilling early in 2009."
The Citarum Production Sharing Contract is an exploration area of over 4000 sq
km, situated to the south and east of Jakarta, Java. The Pasundan 1 well was
drilled between 9th May and 27th September 2007.
For further information please contact:
Sound Oil
Gerry Orbell, Chairman 07903 861 145
Smith & Williamson Corporate Finance Limited 020 7131 4000
Azhic Basirov
David Jones
Buchanan Communications 020 7466 5000
Tim Thompson
Nick Melson
This information is provided by RNS
The company news service from the London Stock Exchange
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