| Overview - A Brief History of Sound Oil plc |
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Sound Oil plc was founded in 2005 and admitted to AIM in June 2005 following an initial fundraising of £10.9 million. (Click here for Admission Document, 2005).
In June 2006 the Company acquired the entire share capital of the private Indonesian company Mitra Energia. At this time additional funds of £11.7 million were raised to fund a programme of exploration drilling of up to five exploration wells and initial development of the Kerendan gas field. The enlarged company was re-admitted to AIM in July 2006. (Click here for Admission Document, 2006).
As a result of the Mitra acquisition Sound gained working interests in two licences onshore Indonesia: Bangkanai PSC (34.99%) in Kalimantan and Citarum PSC (20%) in Java.
A Plan of Development (POD) for the Kerendan gas field on Bangkanai PSC was approved in July 2006.
The Company participated in its first exploration well, Pasundan-1, on the Citarum PSC in 2007. The well was P&A in 2008 after re-entry and extensive testing.
The development of the Kerendan field remains in the planning stage and the project will probably not now deliver first gas until 2014, being dependent on state electricity company schedules. As a result it was decided to farm-down our interest in the Bangkanai PSC to 5% in May 2010, but to remain fully carried on all expenditures by the Operator until first gas.
In January 2011 the Company acquired 96% of the share capital of the private UK company Consul Oil & Gas Limited. At this time new funds of £3.7 million were raised in order to provide additional working capital for ongoing work programmes and costs. (Click here for Circular to Shareholders, December 2010). The acquisition gained Sound various working interests in seventeen licences onshore and offshore Italy, as follows:
Concession: Fonte San Damiano (99%).
Permits: Badile (100%), Carita (50%), Monteluro (95%), Monte Negro (50%), Sambucheto (95%), Torrente Alvo (50%), Villa Gigli (50%).
Assigned Permits: Colle Ginestre (50%), Convento (50%), Posta del Giudice (50%), Santa Maria Goretti (100%), Solfara Mare (100%), D148 DR-CS (100%), D150 DR-CS (100%), D503 BR-CS (100%).
Application: Costa del Sole (100%).
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