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Last checked at 
25 Jan 2010 11:50
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25Β January 2010
Sound Oil plc
("Sound Oil" or the "Company")
Share price movement
Sound Oil, the upstream oil and gas company with assets inΒ Indonesia,Β notes the recent movement in its share price and the relatively high volumesΒ of shares traded. OnΒ 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 hasΒ received approaches from aΒ number of parties regarding potential transactions, although none hasΒ yetΒ progressed beyond relatively earlyΒ stage discussions. The above announcement also referred to a notice received from the operator of the BangkanaiΒ PSCΒ seeking to terminate the Company's interest in theΒ PSC.Β Β The Company continues to contest the notice received from the operator and alsoΒ has established with the Indonesian authorities that the Company remains in good standing on thisΒ PSC. SoundΒ Oil believesΒ that the Indonesian governmentΒ mayΒ grant an extension to the initial exploration periodΒ which was due to expire at the end of 2009,Β thereby leaving theΒ BangkanaiΒ PSCΒ in place. A further announcement will be made in relation to these matters in due course.
Further information on the Company can be found atΒ www.soundoil.co.uk.
For further information please contact:
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Sound Oil |
07903 861145 |
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Gerry Orbell, Chairman |
|
|
Smith & Williamson Corporate Finance - Nomad |
020 7131 4000 |
|
Azhic Basirov |
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|
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 |
|
TimΒ Thompson |
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