Must be news due, for this level of buying .

Very good buying again today

FoxDavies views from the trading floor - Sound Oil,
Friday, February 03, 2012
Sound Oil (LON:SOU) are one to watch for Monday, as in the previous announcement they said 'Sound Oil has been advised by the Operator that the Cataka-1 exploration well on the Citarum PSC, Java, Indonesia has encountered unstable formation in the top hole section, necessitating a sidetrack. The sidetrack hole has already been drilled to the casing depth at 1,397 feet and the 13 3/8ths casing set and cemented. Now that this part of the unstable formation has been cased off, the well will drill ahead to the objective at 6,995 feet as originally planned. It is estimated that at least two additional weeks will be needed to complete operations beyond the planned 21 day programme.' Now that 2 week extension would lead us to Monday, so it would be surprise to see an update hitting the news wires at the very early part of next week. Good, bad or ugly, we will watch eagerly.

Issue of Equity
RNS
RNS Number : 9046W
Sound Oil PLC
07 February 2012



7 February 2012



Sound Oil plc

("Sound Oil" or "the Company")



£4M Funding for Nervesa Well

(Completion of Private Placement and Achievement of Funding for Nervesa Appraisal Well)



Further to the announcement made on 1 December 2011, Sound Oil, the upstream oil and gas company with assets in Italy and Indonesia, announces the completion of the second tranche of the private placement through Astin Capital Management Limited.



The second tranche amounts to £4 million consisting of 262,587,803 shares priced at 1.5233 pence per share (being 90% of the volume weighted average price over the preceding 40 trading days) and 157,552,682 associated warrants exercisable at any time during their three year term at 1.8619 pence per share (being 110% of the volume weighted average price over the preceding 40 trading days). This results in a total placement, across the two tranches, of £6 million (excluding any warrant exercise) and fully funds the significant Nervesa gas appraisal well.



The Company intends to use the funds raised and any additional funds from the exercise of warrants for drilling operations in 2012, including the Nervesa discovery. Nervesa is an estimated 21 Bscf gas discovery in Northern Italy with an independently assessed NPV10 success case of US$62 million.



Application has been made for the new ordinary shares to be admitted to trading on AIM and this is expected to become effective on 10 February 2012. Following the issue of the new shares, the Company will have 2,095,787,351 ordinary shares in issue with each share carrying the right to one vote. There are no shares held in treasury. The total number of voting rights in the Company is therefore 2,095,787,351 and this figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to their interest in, the Company under the Disclosure and Transparency Rules.





Commenting on the above Gerry Orbell, Sound Oil's Chairman and CEO said:

"I am delighted that we have secured these funds which allows us to get on with drilling the important Nervesa gas discovery in Italy where we are operator and have a 100% holding. We expect to drill this well in mid 2012 and have already advanced the procurement of long lead items and identified the drilling location. I am also very pleased that in these difficult financial times Astin and their own investors have shown great confidence in the Company's ability to deliver its objectives."

Fully funded now, just await the drill results any time now.

Should start to rise now with astin not shorting.

SP taken a bashing. This company needs the Rns for the current drill to read well, otherwise going to be fall well below 1 pence. Another big sell off today. Not good.

Just too much going on in this company behind the scenes.

Not a nice graph Bb, looks better if I turn the computer upside down. :-))

Why would it fall to 1p dreamcatcher? Do you think really think any chance success is priced in? Also there are another 2-3 back to back are there not?

This has a very good risk/reward ratio at this price especially now as you say, fully funded.

No martinl2 I do not think any chance of success is priced in or failure. The sp has just been in free fall over the past year from a high of 6+ pence. It is fair to say over the last few weeks there has been huge selling. Before I go on, I would love to see this company succeed in its drills as Gerald Orbell said they will be banking cheques.
I feel the market is looking at the company for earnings and I feel this drill needs to come right. Astin have not given cash without a huge reward and some say the sp was walked down over the 40 odd day average for this. I just hope the sp heads North now.

Operations Update
RNS
RNS Number : 2938X
Sound Oil PLC
13 February 2012



13 February 2012



Sound Oil plc

("Sound Oil" or "the Company")



Operations Update - Indonesia



Sound Oil, the upstream oil and gas company with assets in Italy and Indonesia, announces the following update on its current operations in Indonesia.



Citarum PSC, Java (Sound Oil 20%)

Sound Oil has been advised by the Citarum Operator of continuing difficulties on the Cataka-1 exploration well. Progress in drilling the upper section has continued to be difficult due to the unstable nature of the rock formations. Attempts to drill ahead from the 13 3/8" casing were not successful, necessitating a second side-track of the well which was established by milling a window in the casing. Similar difficulties to the first side-track have been encountered in this new section. Consequently the Operator has today recommended to the Joint Venture partnership to abandon the well at the present depth of 1413 ft. The Operator intends to undertake a detailed post drilling evaluation of the operation with a view of returning to the prospect within or at the end of the current drilling campaign. The rig will now be demobilised and moved to the Jatayu-1 location, approximately 20 km to the southeast.



Bangkanai PSC, Kalimantan (Sound Oil 5%, carried)

The Operator on Bangkanai has advised that the rig for the Kerendan drilling campaign is expected to be mobilised from Batam Island, Riau to Kalimantan by the end of this month. It is intended that the rig will commence operations by drilling four development wells on the Kerendan gas field and then begin the exploration programme on the licence.





Gerry Orbell, Sound Oil's Chairman and Chief Executive, commented:

"It is disappointing that we have had drilling difficulties at Cataka and that the well has had to be abandoned before reaching the target. The well was a wildcat located in an unknown geological terrain and we are sure that the experienced Operator did everything to try to get through the unstable formation. Following the Operator's evaluation the partnership will consider returning to the Cataka site.



As soon as operations at Cataka are completed, we are moving straight away to Jatayu which is the next well in the three well program on the Citarum PSC. The Jatayu exploration well will target prospective resources of 290 Bscf (P50).



In contrast, it is encouraging that the rig for the Bangkanai campaign will shortly be on the move after its re-fit for high pressure/high temperature operations. This rig is scheduled to drill 5 to 6 wells which will allow the Kerendan Gas Field to be put on stream and explore the very large prospect at depth below Kerendan."

Not the rns we were waiting for.

dreamcatcher

They never are.

I think you are right driver. Soon as an rns comes you end up with a headache.

And a hole in your pocket.

correct. A wild cat drill

http://www.proactiveinvestors.co.uk/companies/stocktube/1058/sound-oil-cfo-says-its-priority-is-to-turn-the-npv-into-shareholder-value-1058.html

This company has been nothing to shout about.