22nd May 2006 14:48
Sound Oil PLC22 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 willacquire a 50% interest in a Production Sharing Contract ("PSC") coveringBangladesh 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 transactionis US$2 million. Block 22 covers an area of approximately 1,250km2 in theChittagong Hills area in eastern Bangladesh. The Block lies to the south of gasproducing fields in India and to the east of the producing Sangu field operatedby Cairn Energy. This transaction is not connected with Sound Oil's proposed acquisition ofinterests in gas exploration and development in Indonesia announced earlier thisyear. The Company's shares remain suspended as the Indonesian acquisition, whichwill be subject to shareholder approval, represents a reverse takeover under theAIM Rules. The Company continues to make progress with this acquisition andexpects to make a further announcement in the near future. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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