Successes for Sound Oil in Italy and Indonesia
StockMarketWire.com
Sound Oil has undertaken test operations at the Marciano-1ST well in Basilicata in Italy and have produced gas at rates up to 98,000 scmd (~ 3.5 MMscfd) from one of the two perforated zones before the well had to be restrained due to site flare restrictions.

The test will continue to determine a stabilised flow rate and information from the test flow will be used to determine the scope for early commercialisation of the well.

Sound Oil has a 100% operated interest in the Marciano project located on the Fonte San Damiano Concession.

At Bangkanai PSC in Kalimantan, Indonesia, the operator, Salamander Energy Bangkanai Limited, has signed on behalf of the joint venture group a Gas Sales and Purchase Agreement to supply the Indonesian state electricity company PT PLN with up to 20.3 MMBtu per day (~20 MMscfd) of gas from the Kerendan Field.

The gas price has been struck at $4.79/Mscf ($5.08/MMBtu) escalated at 3% per three years. The gas will be used in a power plant to be constructed adjacent to the field. Sound's net proven reserves in this project are 6.1 Bscf.

The signing of the GSA secures the extension of the PSC contract and will allow the implementation of development of the Kerendan Field and the fulfilment of outstanding exploration drilling commitments. First gas from the field is expected in mid 2013.

The operator has informed its partners that an exploration drilling programme will commence later this year to drill two wells to target prospective resources in Oligocene carbonate and deeper Eocene sandstone objectives. The first well (Sungai Lahei-1) will drill the Kerendan Deep prospect and also act as a first development well for the Kerendan field.

Sound Oil has a 5% interest in the Bangkanai PSC with all its costs carried until first gas from the Kerendan Field.

Commenting on these announcements Gerry Orbell, Sound Oil's Chairman and Chief Executive Officer, said: "This is a very encouraging result from Marciano where the upper sand has tested gas at very good rates. The next step is to re-certify the production equipment on site and then to generate revenue. Elsewhere, in Indonesia, the Gas Sales and Purchase Agreement has been signed today with the government electricity utility and this opens the way for the operator to move along with developing Kerendan and drilling the large exploration prospect at Sungei Lahei. Altogether today is a very good day for the Company."

At 10:51am: (LON:SOU) share price was +0.48p at 3.85p



For immediate release
28 June 2011




SOUND OIL PLC

("Sound Oil" or "the Company"")



ANNOUNCEMENT FOLLOWING THE AGM



The Chairman welcomed shareholders to the AGM and put the various resolutions to the meeting, which were duly passed.



Following the formal part of the meeting the Chairman gave an update of the Company's present activities:



Marciano gas field: the general geographical and technical setting was described together with the procedures of the current testing programme. The testing results are the subject of a separate announcement today.



Montemarciano Farmin: the well planning is in progress and the civil works are to be completed by August 24th. An interim map has been made and this confirms the viability of the Casa Tiberi prospect which should be drilled during 4th quarter 2011.



The Nervesa and Montefano Gas Discoveries have been confirmed by preliminary re-mapping during the seismic acquisition process. An application to drill Nervesa will be submitted to the authorities during July with Montefano to follow.



Badile: the 3D seismic data has been acquired and will be interpreted during July. In the meantime an application to drill will be submitted to the Ministry during July.



The authorities have assured the Company that the applications at Rapagnano and Costa del Sole are in hand and will be awarded shortly.



In Indonesia the Operator signed the Gas Sales and Supply Agreement for the Kerendan Gas Field today with the local electricity utility. A statement about this has been released.



For further information please contact:

Sound Oil

Gerald Orbell, Chairman


Tel: +44 (0)7903 861 145

Buchanan Communications

Tim Thompson

Ben Romney


Tel: +44 (0)207 466 5000



finnCap

Sarah Wharry

Henrik Persson
Tel: +44 (0)207 600 1658





This information is provided by RNS
The company news service from the London Stock Exchange

END

Flow rates should be out later this week. Should be another sp rise. Rab still seem to be selling, with the large placements. Would have been 20% + rise today without them. Roll on the day when we see they have sold all their sound holding.

Meet the new owners of RAB's Energy and Octane funds
Harriet Agnew

28 Jun 2011
.
Sunwah International, the Asian-based financial services firm which announced this morning plans to buy two funds from beleaguered hedge fund firm RAB Capital, started life as a seafood processing business in Macau, China - the founder of which earned the moniker "The King of Seafood".
In 1957 Choi Kai Yau founded the Sun Wah Group in Hong Kong, as a seafood processor, wholesaler and distributor. Dr. Jonathan Choi Koon-shum, the son of the founder took up the business in 1976, and the group diversified into real estate development in 1977, the financial industry in 1985, infrastructure investments in 1992, technology in 1998 and media services in 2002.

In September 2010, Sunwah International took control of Kingsway International Holdings, which it renamed Sunwah International Asset Management in January. This morning the asset management division said it plans to buy two funds from RAB, and an 80% stake in PCE Investors, a $550m hedge fund incubation business, as part of a move to expand its fledgling asset management business through ventures in private equity and hedge funds.

Doug Betts, president and chief executive officer of Sunwah International, said the new asset management business initially planned to focus on private equity. However, "when the opportunity became available to buy PCE and RAB we decided to seize it as it moved our business plan ahead two to three years," he said.

Betts said: "Building out into asset management expands us globally and produces steady and stable cashflows. One thing that has been a concern for me in the past few years is the lumpy annualised returns of the broker dealer and merchant banking group [...] Having our assets under management based out of London will lead us to additional deal flow and relationships."

Bill Majcher, chief executive officer of SIAM, said: "We are intending to be a global emerging markets platform with a growth and emerging markets focus. We don't intend to manage money, we intended to manage managers." SIAM is looking to recruit "best in class" fund managers, ideally those with at least a five-year track record.

The first two funds that SIAM intends to acquire are the RAB Energy Fund and the RAB Octane Fund. The energy fund was one of the top performers of 2010, gaining 46.24% during the year, and has returned 16% on an annualised basis since it launched in 2004, according to investors.

Sunwah will pay "a combination of cash and a share in future management and performance fees in favour of RAB Capital," according to a statement from Sunwah. It intends to invest $50m into the energy and octane funds and a further $200m to backstop redemptions and secure the capital of the funds.

London-based PCE provides management and administrative services to independent funds. There are currently six funds on its platform. Betts said that as well as continuing this line of the business, Sunwah will look to add its own branded products to the platform. It will likely rebrand the RAB funds under the Sunwah name, and it wants to add a mining fund and several other strategies to the Sunwah range.

On Friday RAB, which at its peak managed $7bn, announced its plans to de-list from the Alternative Investment Market on the London Stock Exchange, following investor redemptions. It offered shareholders the choice between remaining invested in the private company or being bought out by RAB.

The remaining funds at RAB, which will now become part of the private company, encompass the global mining and resources hedge fund and Ucits fund; the European long/short equities business that was merged with Park Place Capital late last year; the flagship RAB Special Situations Fund, and the RAB European Credit Opportunities Fund.

MM's seem to have played Rab not the pi, lowering the price. Selling may have stopped for the time being by Rab.

Rab dumping huge. 5 million + today

Some good buys coming through now

http://bcove.me/bwkha3i7

KeywordCompanyEPIC/TIDMSEDOL/ISIN Print Thursday 21 July, 2011Sound Oil PLC
Change of Adviser
RNS Number : 7759K
Sound Oil PLC
21 July 2011



21 July 2011



Sound Oil plc

("Sound Oil" or "the Company")



Appointment of nominated adviser and broker





The Company is pleased to announce the appointment of Smith & Williamson Corporate Finance Limited as its nominated adviser and Investec Bank plc as its corporate broker with immediate effect.











For further information please contact:



Sound Oil

Gerald Orbell, Chief Executive


Tel: +44 (0)1372 371010



Smith & Williamson - Nominated Adviser

Azhic Basirov

David Jones


Tel: +44 (0)20 7131 4000

Investec - Broker

Charles Batten

David Flin

Adam Strachan


Tel: +44 (0)20 7597 4000

Buchanan Communications

Tim Thompson

Ben Romney

Helen Chan


Tel: +44 (0)20 7466 5000







This information is provided by RNS
The company news service from the London Stock Exchange

END

I thought a new investor could have been found for their
shares. Very unnerving for investors, that invested at 5p-6p.

Well quite frankly they shouldn't have done!

For a company whose sp was 0.5p in Jan 11, That was when they should have been investing. When it hit 6p they should have been selling not buying. The whole AIM market is presently going down. Sound oil is just one amongst many and it will continue to do so until the market decides the economy is safe enough to start reinvesting in AIM stocks. With the Euro meeting today and US debt talks tomorrow, don't forget that if those talks go wrong then the market could collapse aboput 30%. If and it is a big if that is the case then this will be back down to around 1p and then you'll be able to get in and make your 6 bagger.

Of course that is presuming Europe, the US and we don't all economically collapse. In that case all bets will be off and I guess most companies go bust. Based on the fact that it will be the end of the West as we know it, I guess at least we will all be in the same boat!

Whilst these comments may seem very negative, it does bring a sense of realism to these boards that sometimes seem sadly lacking.

See your point dealerdear. As you know for the sp to rise there must be buyers.5p - 6p is still very cheap in my eyes. Just a shame that RAB have hit problems. Could be 10P with some good drill results and RAB sold out.

UP 10% news must be on the way. A good day for once.

You're not listening to me dc

Yes, the odd AIM does rise as the shorts close (see SLE today) and then they quickly drop again.

It could be happening here but it is more likely that the small rise has trapped yet more greedy PI's who have more money than sense, only to see the sp drop again Monday.

Nothing to do with news whatsoever. At present even good news does not push up prices. It will be purely down to when the MM's want to see the sp rise.

As I have siad previously, a look at the AXX graph says it all. All we can do is wait for the turnaround. Of course all the PI's who have been pumping money into the tiddlers desperate to make profit will have nothing left to invest and they will miss the baggers as they wait for the sp to get back to where they invested.

Classic market dynamics I'm afraid.

Should be 10p soon anyway, so no probs.

Wouldn't argue in a years time.

I'm purely talking short term.

Who the hell knows what next week will bring!

True. Don't like the look of a few years time.

Hopefully we'll all still be here!

I see the banks are going to take another big hit with Greece. I can see some of the bigger banks in trouble (big) soon.

If that's the case then the market is only going one way.

If one is investing then a balanced portfolio of long and short would be advisable.

At least 50% will be right!