Finance & Investing
News Services
Newsletters
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy
pledge.


advertisement

Italy Focus for Sound after Indonesia Exit

change text size

Sound Oil's exit from Indonesia should be viewed as positive since it will allow management to dedicate time and resources to its Italian operations, according to analysts who follow the firm.

Sound announced Wednesday that it had agreed to sell its Indonesian subsidiary Mitra Energia Bangkanai to Salamander Energy – the operator of the Bankanai Production Sharing Contract in which Mitra held a five percent stake. The company will receive up to $7.1 million from Salamander in return for Mitra.

In a research note responding to the news analysts at London-based investment bank Westhouse Securities commented that the deal "marks a complete exit of Sound Oil from Indonesia and allows the company to fully focus itself on its Italian operations where first gas from the Rapagnano field is expected imminently".

Westhouse added that the strengthening of Sound's balance sheet from the Mitra deal also gives the firm the financial flexibility to address the appraisal drilling of its Nervesa and Strombone assets in Italy.

Sound also announced on Wednesday that Ilham Habibie, a non-executive director, has left the board of the company following its exit from Indonesia.

 

 



A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at jmainwaring@rigzone.com

WHAT DO YOU THINK?

Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

More from this Author
Jon Mainwaring
European Editor | Rigzone.com
 -  MOG 1Q Production Down amid Production... (Apr 23)
 -  Aker and Baker Agree Subsea Technology... (Apr 22)
 -  Genel on Track for 60,000-70,000 Barre... (Apr 22)
 -  Team RECon Wins US Leg of BP's Ultimat... (Apr 17)
 -  Crimea: the Oil and Gas Story (Apr 14)
Most Popular Articles
From the Career Center
Jobs that may interest you
Project Director - Offshore Floating Prodcution Platforms
Expertise: Engineering Manager, Mechanical Engineering, Project Management
Location: Houston, TX
 
Rig Equipment Mananger
Expertise: Rig Manager
Location: Houston , TX
 
Directional Driller Supervisor
Expertise: Drilling Consultant
Location: LA
 
search for more jobs