LONDON (Alliance News) - Sound Energy PLC on Tuesday said it has received USD1.1 million from Ophir Energy PLC related to the Bangkanai licence in Indonesia.
Sound Energy used to own the licence but sold this off in order to focus its efforts on its Italy and North African licences.
The payment was triggered by various operational targets for the licence being met.
Sound said it would announce any further receipts of contingent consideration on the licence as and when they are received.
Sound shares were up 2.5% to 15.89 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Sound Energy (SOU)