Sign In
Last checked at 
28 Feb 2013 07:00
ο»Ώ
28 February 2013
Β
Sound Oil plc
("Sound Oil" or "the Company")
Β
Asset Swap
Β
Sound Oil, the Italian focused upstream oil and gas company, is pleased to announce the signature of an asset swap agreement with Compagnia Generale Idrocarburi SpA ("CGI").
Β
Prior to the transaction CGI and Sound Oil each held a 50% equity position in four assets: two awarded licences (Villa Gigli and Colle Ginestre) and two outstanding applications (Posta del Giudice and Il Convento).
Β
The terms of this transaction are that Sound Oil increases its equity position to 100% in Posta del Giudice and Villa Gigli in exchange for eliminating any equity interest in Il Convento and Colle Ginestre. No cash payment is involved in the transaction.
Β
Similar to other oil/gas asset swaps in Italy, completion of the agreement is subject to approval by the Ministry of Economic Development.
Β
Β
James Parsons, Sound Oil's Chief Executive Officer, commented:
Β
"This transaction is part of our portfolio rationalisation strategy, eliminating 50% positions in two non core assets in exchange for a 100% position in one core asset (Posta del Giudice) and a 100% position in one non core asset (which will facilitate its future sale)."
Β
Β
For further information please contact:
Β
Sound Oil James Parsons, Chief Executive Officer Β | j.parsons@soundoil.co.uk Β |
Smith & Williamson - Nominated Adviser Azhic Basirov David Jones Β | Tel: +44 (0)20 7131 4000 |
Peel Hunt - Broker Richard Crichton Charles Batten Β | Tel: +44 (0)20 7418 8900 |
Β
Β
Follow the stocks
