Share price movement

RNS Number : 0643G

Sound Oil PLC

25 January 2010

 



25 January 2010

Sound Oil plc

("Sound Oil" or the "Company")

Share price movement

Sound Oil, the upstream oil and gas company with assets in Indonesia, notes the recent movement in its share price and the relatively high volumes of shares traded.  On 4 December 2009, the Company announced the termination of discussions about a possible acquisition and that it would consider other opportunities; since then, the Company has received approaches from a number of parties regarding potential transactions, although none has yet progressed beyond relatively early stage discussions.  The above announcement also referred to a notice received from the operator of the Bangkanai PSC seeking to terminate the Company's interest in the PSC.  The Company continues to contest the notice received from the operator and also has established with the Indonesian authorities that the Company remains in good standing on this PSC. Sound Oil believes that the Indonesian government may grant an extension to the initial exploration period which was due to expire at the end of 2009, thereby leaving the Bangkanai PSC in place. A further announcement will be made in relation to these matters in due course.

Further information on the Company can be found at www.soundoil.co.uk.

For further information please contact:

Sound Oil	07903 861145
Gerry Orbell, Chairman
Smith & Williamson Corporate Finance - Nomad	020 7131 4000
Azhic Basirov
David Jones
Evolution Securities - Joint Broker	020 7071 4300
Tim Redfern
Religare Hichens, Harrison - Joint Broker	020 7382 7776
Daniel Briggs
Buchanan Communications	020 7466 5000
Tim Thompson

 

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