Sound Oil Inks Deal for Block 22 in Bangladesh
Sound Oil has entered into an agreement under which it will acquire a 50% interest in a Production Sharing Contract covering Bangladesh Block 22. The operator of the PSC is Ocean Bangladesh Corporation. This transaction is subject to final negotiations with, and the agreement of, the appropriate Bangladesh authorities. The consideration for this transaction is US$2 million. Block 22 covers an area of approximately 1,250 square kilometers in the Chittagong Hills area in eastern Bangladesh. The Block lies to the south of gas producing fields in India and to the east of the producing Sangu field operated by Cairn Energy.
This transaction is not connected with Sound Oil's proposed acquisition of
interests in gas exploration and development in Indonesia announced earlier this
year. The Company's shares remain suspended as the Indonesian acquisition, which
will be subject to shareholder approval, represents a reverse takeover under the
AIM Rules. The Company continues to make progress with this acquisition and
expects to make a further announcement in the near future.
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