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.

Shares mag says that the fortunes of this one are about to change....sp is rather low....a rebound might come ahead of four wells to be spudded plus something going on in Italy this summer...perhaps one to watch with the incredibly low sp...

rf it wants too. Not been the best share on earth.

I've taken the plunge on their advice.....it seems to be so low.....some wells are successful and good drilling program in motion...

Lets hope it can reverse the trend and go up. A lot of drills due. Can only get better.
Mine are in the bottom draw, now with XTR. :-))

I'm a newcomer here...but up a bit so far....

Starting to climb gently.....