Sound Oil Share Price - SOU
|Share Name||Share Symbol||Market||Type||Share ISIN||Share Description|
|Sound Oil||LSE:SOU||London||Ordinary Share||GB00B90XFF12||ORD 1P|
|Price Change||Price Change %||Share Price||Bid Price||Offer Price||High Price||Low Price||Open Price||Shares Traded||Last Trade|
|Industry Sector||Turnover (m)||Profit (m)||EPS - Basic||PE Ratio||Market Cap (m)||RN||NRN|
|Oil & Gas Producers||1.0||-4.9||-1.4||-||84.37|
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Sound Oil News
|17/8/2015||15:15||UKREG||Sound Oil PLC Block Admission|
|13/8/2015||13:40||UKREG||Sound Oil PLC Issue of Equity|
|07/8/2015||07:05||ALNCF||Alliance News Flash Headline|
|07/8/2015||07:00||UKREG||Sound Oil PLC Name Change to Sound Energy|
|06/8/2015||07:56||ALNC||Sound Oil Signs Gas Sales Agreement For Casa Tonetto With Shell|
|06/8/2015||07:01||RNSNON||Sound Oil PLC Gas Sales Agreement with Shell Energy Italia|
|03/8/2015||12:33||UKREG||Sound Oil PLC Total Voting Rights|
|29/7/2015||10:53||ALNC||Sound Oil Issues Shares Under Warrant Exercise (ALLISS)|
|29/7/2015||08:00||UKREG||Sound Oil PLC Issue of Equity|
|21/7/2015||09:24||ALNC||Sound Oil Issues 2.2 Million Shares After Warrant Exercise (ALLISS)|
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|28/8/2015||14:01||Sound Oil 2013 âºâºâº||6,447|
|27/7/2015||21:37||Brokermandaniel comes in from the cold! Sound Oil plc. All information here!||430|
|04/6/2015||14:20||SOU - Sound Oil plc||24,661|
|01/6/2015||13:09||Intended offer for Antrim||5|
|06/2/2015||20:24||Sound Oil technical target towards 18p||1|
Sound Oil Top Chat Posts
|eelbuoy: Apologies for the long post . Sound Oil PLC Strombone Funding RNS Number : 6114E Sound Oil PLC 01 June 2012 1 June 2012 Sound Oil plc ("Sound Oil" or "the Company") Strombone Funding Sound Oil, the upstream oil and gas company with assets in Italy and Indonesia, announces that it is in advanced discussions with an established oil and gas fund to finance appraisal drilling on the Strombone field, in the Torrente Alvo permit, onshore Italy. The Strombone discovery has been the subject of a Competent Persons Report undertaken by Fugro Robertson which confirmed a P50 best estimate of contingent oil resources (2C) at Strombone of 6.4 MMbo with a NPV10 success case of US$131.0 million. The appraisal drilling is scheduled for the end of 2012. Whilst still subject to contract and due diligence, the funding would be provided through a US$6 million unsecured loan, extendable to US$9 million by mutual consent. The loan is not repayable should there be no production from the licence and will entitle the fund to a percentage of the gross revenues from the licence in the success case. Final terms will be announced following contract signature. Very confident of a successful outcome with an unsecured loan of $6m with possible extra $3m by mutual consent . Sound Oil PLC Funding Update RNS Number : 6860H Sound Oil PLC 16 July 2012 The placement involves the Company issuing 774,341,464 new ordinary shares of 0.1 pence each immediately in exchange for 7,143,300 redeemable subscription notes at a par value of £1 per note. The notes are unsecured and non interest bearing. They will be redeemed in seven equal amounts for a cash consideration at the end of seven separate trading periods, commencing 25th July 2012 and finishing in February 2013. The cash consideration for the redemption of the notes is calculated as the arithmetic average of the 20 trading day volume weighted average price ("VWAP") for each of the seven periods. In summary the Company will therefore issue a fixed number of shares for a variable consideration (the VWAP for the next seven months). The placement also involves the cancellation of all (217,552,682) existing warrants previously issued by the Company. No new warrants are being issued in association with this placement. Whilst the precise amount raised will depend on future share price trends, the placement would raise approximately six million pounds (after fees and transaction costs which reflect the warrant cancellation) should the share price remain constant. Various protection clauses have been agreed as part of the placement, including a "no shorting" provision, a cap on Astin investors owning more than 29.9 per cent of the Company's share capital and a floor price. The floor price is variable, being determined by Sound at the beginning of each settlement period and enabling the Company to elect to roll forward the settlement of those days below the floor price to an extraordinary settlement period at the end of the seven months. The settlement during the extraordinary settlement period is the 40 days VWAP of that period. Application will be made for the new ordinary shares to be admitted to trading on AIM and this is expected to become effective on 20 July 2012. Following the issue of the new shares, the Company will have 2,870,128,815 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 2,870,128,815 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. Friday 07 September, 2012 Sound Oil PLC Holding(s) in Company RNS Number : 8180L Sound Oil PLC 07 September 2012 7 September 2012 Sound Oil plc ("Sound Oil" or "the Company") Holding in Company Sound Oil, the upstream oil and gas company with assets in Italy and Indonesia, announces that it was notified on 6 September 2012 that Manxdale Holdings Limited ("Manxdale", a fund connected with Astin Capital Management Limited ("Astin")) is interested in 650,000,000 ordinary shares of 0.1p each in the Company (representing 22.65% of the Company's issued ordinary shares) of which 553,101,045 are currently held in escrow (pursuant to the private placement through Astin announced on 16 July 2012) and 96,898,955 are held by Manxdale. 21 September 2012 Sound Oil plc ("Sound Oil" or "the Company") Holding in Company Sound Oil, the upstream oil and gas company with assets in Italy and Indonesia, announces that it was notified on 21 September 2012 that Manxdale Holdings Limited ("Manxdale", a fund connected with Astin Capital Management Limited ("Astin")) is interested in 595,000,000 ordinary shares of 0.1p each in the Company (representing 20.73% of the Company's issued ordinary shares) of which 442,480,837 are currently held in escrow (pursuant to the private placement through Astin announced on 16 July 2012) and 152,519,163 are held by Manxdale. 2 October 2012 Sound Oil plc ("Sound Oil" or "the Company") Holding in Company Sound Oil, the upstream oil and gas company with assets in Italy and Indonesia, announces that it was notified on 2 October 2012 that Manxdale Holdings Limited ("Manxdale", a fund connected with Astin Capital Management Limited ("Astin")) has reduced its interest from 595,000,000 ordinary shares of 0.1p each in the Company ("Ordinary Shares") to 525,000,000 Ordinary Shares (representing 18.29% of the Company's issued ordinary shares) of which 442,480,837 are currently held in escrow (pursuant to the private placement through Astin announced on 16 July 2012) and 82,519,163 are held by Manxdale. 1 November 2012 Sound Oil plc ("Sound Oil" or "the Company") Holding in Company Sound Oil, the Italian focused upstream oil and gas company, was notified today that as of 31 October 2012, Manxdale Holdings Limited ("Manxdale", a fund connected with Astin Capital Management Limited ("Astin")) is interested in 391,860,628 ordinary shares of 0.1p each in the Company (representing 13.65% of the Company's issued ordinary shares) of which 331,860,628 are currently held in escrow (pursuant to the private placement through Astin announced on 16 July 2012) and 60,000,000 are held by Manxdale. As you can see started with 3/4's of a billion shares being issued. November saw 170 odd million shifted. Investors are happy to buy , the healthy volume in the last few months shows us this. Now is this all P.I.?s or is there an Institutional Interest other than Mr Al Fayed ? will we get any other holding RNS's ? Where is Astin going to stop ? And do not forget there is a 40 day extraordinary settlement period in case insufficient shares have been sold , which at these volumes look unlikely. And then there is an open offer to the likes of us to the tune of a £1m. The transaction involves Sound Oil selling its 20% working interest in the PSC to Pan Orient Energy (Citarum) PTE Limited ("POE"), the operator. In consideration for the working interest, POE have committed to Sound Oil to: · waive a total of US$2.4 million of cash calls; · pay Sound Oil US$10 million in cash contingent on revenues from the first discovery; and · pay Sound Oil a further US$6 million in cash contingent on revenues from the second discovery. It does look like JP has played quite a good hand here ; cut the spends in Indo whilst retaining upside exposure , got CSTI to fund 50% of the Rapagnano and Nervasa operations , Unsecured interest free loan of $6m with a poss extra $3m to fund Strombone, (Which doesn't have to be paid if there is no production !!!) JP does seem to have made some tough calls and keep SOU in a financially strong position in the face of adversity. 20 November 2012 Sound Oil plc ("Sound Oil" or "the Company") Funding Update Sound Oil, the Italian focused upstream oil and gas company is pleased to provide a funding update ahead of forthcoming drilling operations at Rapagnano and Nervesa. The Company confirms that the third and fourth tranches of the share placement announced on 16 July 2012 have now been settled, generating a total of £2.0 million (at monthly VWAPs of 0.870 pence and 1.141 pence per share). The Company's current cash balance, following receipt of the fourth tranche payment of US$1.8 million which is due today, will be US$6.2 million, with no debt. The remaining three tranches of the placement, assuming current share price levels, are expected to raise a further £3.5 million (US$5.5 million). In addition the open offer expected to be made to shareholders in March 2013 following the conclusion of the placement should generate up to a further £1 million (US$ 1.6 million). The estimated total remaining expenditure across Nervesa and Rapagnano is some US$2.4 million (US$1.8 million on Nervesa and US$0.6 million on Rapagnano). Both operations therefore remain easily funded from the current cash balance. Site operations at Rapagnano begin this week (10th) with well deliverability Confirmed by the 19th. A day before my birthday . Here we go chaps , nearly a producer. let the buying commence. Shymas is on holiday so we are bound to go up ;)|
|steelwatch: Sound Oil puts its finances on a sound footing as it secures cornerstone investor and farm-in partner for Nervesa
01 May 2014 by Our OilBarrel Staff
Sound Oil has had a strong couple of weeks. Not only has the AIM-quoted E&P land a cornerstone institutional investor, injecting £14 million of capital, but it has also signed a farm-out for its Nervesa project in Italy's Po Valley, which it has long said could be a potential company-maker. Shares in the company are currently above 7 pence, a solid bounce higher than the lows of 4.5 pence seen earlier this year.
The farm-out has been signed with Niche Group, the energy investing group which plans to apply for admission to AIM later this year. Niche will acquire a 27.5 per cent interest in the onshore Carita licence in exchange for paying 100 per cent of the costs of a second well targeting the southern part of the Nervesa structure. The 6 million well is due to spud before mid-year.
Sound's CEO James Parsons said this 3.6 to1 farm-out would fully fund the next well to help the company move Nervesa towards first gas without dipping into the new cash pot of £14 million. Those funds, said Parsons, an ex-Shell executive, would be preserved for the company's "world class" Badile prospect, where it is also seeking a farm-in partner, and its material Laura discovery.
Neresa, the flagship asset in the portfolio, is a material gas discovery, first drilled by Eni in 1985. Sound Oil successfully followed up in summer 2013, flow testing the well at 2.7 million cf/d from multiple sandstones and increasing the P50 recoverable resource estimate from 21 BCF to 24 BCF, and is now keen to probe the southern limb of the structure. It hopes to bring the field onstream next year and says the cashflows will be "material", around 18 million a year from three wells.
The Nervesa farm-out came just days after £25 million market cap Sound announced an agreement with Continental Investment Partners to inject £14 million of funds at an average price, post warrant exercise, of nine pence per share (a 69 per cent premium to the prior day closing share price). The new investor will have the right to nominate two non-executive directors to the Board. One of these is already known: Continental's managing partner, Marco Fumagalli, a former group partner at 3i.
These two deals put Sound on a much stronger financial footing as it begins to chase down some of the larger assets in its portfolio. The company already enjoys production and cashflow from the small (1.2 BCF) Rapagnano gas field in the Marche region, which last year produced 15 per cent above budget at rates of 340,000 cf/d, bringing in around 900,000 a year, and which will shortly be joined by a second onshore gas field, Casa Tiberi, where civil works are now underway. Sound reckons cash flows from both fields will completely fund its cost base in Italy.
Now the £14 million funding injection from Continental will give it the financial muscle to advance more material projects with the resource potential to really move the needle for the company. Badile is the largest and most strategic asset in the portfolio, with the potential to hold 178 BCFe and could be work 486 million to Sound on an NPV10 best estimate basis. It is scheduled for drilling in Q42014-Q1 2015 at a dry hole cost of more than 22 million, a real step change in cost and exposure for Sound.
But one of the real strengths of Sound is the breadth of its portfolio, which means it is never over-exposed to the result from any single well. Next year will see an appraisal well in the onshore SMG permit, which could host 18 BCF of gas, as well as the 30 BCF Laura discovery in the Gulf of Taranto, which will be drilled using a long reach deviated well from onshore. There's also the Zibido prospect, a 16 million barrel target, in the Po Valley of northern Italy.
Importantly, the company has also demonstrated its ability to get things done, with projects moving up the value chain at a pace that, in Italian terms, is almost break-neck. While many investors have despaired at AIM companies that sit for years on acreage for which they cannot get permits or approvals, Sound has managed to bring one field into production, has another in development and a series of major exploration and appraisal projects lined up for drilling in the next 18 months. And it now has the cash to press the accelerator - it could be an interesting year ahead.
|steelwatch: Doesn't cover everything said in the call:
Sound Oil delivered first of four 'game changing' wells, says CEO Parsons
By Jamie Ashcroft September 06 2013, 2:00pm
Sound Oil (LON:SOU) chief executive James Parsons says the successful delivery of the Nervesa appraisal well was a great result, even if the market's response was cooler.
Wednesday's long anticipated news that Nervesa can flow gas at commercial rates was a significant milestone for the AIM quoted oil business and a major step towards management's aspirations of turning Sound into a 'mid-cap player'.
"[It] was a great result and it reflects a critical inflection point for the company," Parsons said on a call with investors.
"The board and I promised four 'game changing' wells and the first has delivered, even slightly above expectations."
As a cash generating 'foundation asset' Nervesa is at the core of the strategic plan Parsons and his team put in place when they took control of the company last year.
While it was clearly a watershed moment for Sound, some investors apparently saw it as an opportunity to take profits following the share's ascent from around 7.5p in May.
Parsons, however, doesn't intend to get distracted by daily movements of the share price.
"I see so many CEO's complaining about their share prices, and our approach is slightly different," he said.
"We're going to keep doing the right things for our business and we believe the share price will sort itself out.
"Of course, it does feel like a bit of a kick in the teeth when the market doesn't respond to good news but we all know the profit-taking reality of retail stocks.
"The truth is, the short term share price doesn't not affect our prospects and what we are doing here, my team are committed to keep growing the business and delivering [towards] our end game and I am confident that we will see that reflected in our valuation as we deliver our strategy."
Parsons explains Nervesa is a key part of that strategy because it delivers US$25mln of annual free cash flow starting in 2015 and debt capacity as well as creating a tradable asset of scale that could, at least, be partially sold.
Perhaps more significantly, however, is the affect the project has on Sound Oil's credibility, he says.
"Within 10 months we've taken Sound Oil from [being] pre-revenue to producing, from 'upside potential' to near term cashflows and from talking and promising to drilling and delivering."
"Our business will benefit from Nervesa as a foundation producing asset for many years to come."
The field development is expected to comprise of three wells, with the first of the two additional wells being drilled early in the year.
The second Nervesa well will assess the southern part of the structure, which was drilled by ENI in the past. And as a near vertical well it will be more straightforward and cheaper than the first appraisal well.
Sound aims to establish production of around 8mln cubic metres per day with a fifteen year field life.
Depending on the results of the second well, Sound says a third well may not be necessary.
To finance the development Sound intends to secure a reserve base loan and, Parsons explains, that the bridging loan it agreed to earlier this week is vital in achieving this - as it allows the company a better financial position to negotiate terms.
Gripes about the short-term loan, which carries 10% interest and a 9% fee, could at least partially explain the dour performance of the stock when the well test results and the loan details were revealed together on Wednesday.
Despite the misgivings of some investors, Parsons believes the loan is both positive and necessary.
"We can draw-down in stages and we'll only pay fees and coupons for the amount we use.
"It provides headroom to create some really competitive pressure on the RBL process which will give us a lot more money and returns than the incremental cost of the bridge loan.
"Right now we have 7mln cash in the bank without drawing any funds from the loan.
"The loan is, from my perspective, a smart forward looking move. Yes it is expensive funding, but it is small in absolute numbers in the context of what we are doing and it provides headroom at a critical point."
Parsons also points out that the loan is asset backed and therefore avoids equity dilution, which he says remains a priority for the company.
The intention, Parsons adds, is for 1mln to be drawn in the short term and that the bridge loan will be repaid once the RBL is in place.
Talks over the RBL are ongoing and have been in the works for some time, and the banks currently have to carry out a full analysis of the Nervesa test results.
|steelwatch: Sound Oil- A smart move
Sound yesterday followed its results with the announcement of a raise of £12m via equity and warrants. I will discuss this in more detail after the company holds its conference call but with exciting plans for growth via acquisition of assets and a strategic partnership too and a decent rise in the share price this move seems eminently sensible. Continental have clearly found European institutions prepared to follow them in and this confidence in the company and the management is extremely encouraging.
The plan to become a mid cap Mediterranean oil and gas business is very much under way and a good deal more can be expected. The share price came back slightly towards the placing price but interestingly stayed above it and shareholders can participate in the open offer which is also available to them. The funding has been done at a 3 1/2 year high for the share price, at modest dilution for a company that has doubled its reserves and leaves the company with £28m in the bank with which to carry out its plans for growth.
|maurillac: no. what id like to celebrate is the huge uplift in the sou share price .. maybe 25-30p m|
|code677: SOU didn't exactly cover themselves in glory the last time they drilled a well Oct 2011: commenced drilling a shallow gas well at Montemarciano, Casa Tiberi (share price 33p) Nov 2011: 'Discovery' RNS. 15m gross pay. [25% JV partner withdrew from well] (share price 25p) Nov 2011: Completed - Initial rate in cleanup on restricted flow: 0.92 MMscfd (share price 21p) Jan 2012: Assessment now underway. Final flowrate on 5/16" choke: 1.33 MMscfd (share price 17p) Feb 2012: Decision on commerciality requires further test for stabilised flow (share price 16p) Mar 2012: Finished test - Stabilised rate on smaller 2/16" choke: 0.28 MMscfd (share price 14p) May 2012: Net gas pay 3.9m in the end. Submitted application for a concession (share price 11p)|
|upthediff: RNS Number : 3040T Sound Oil PLC 12 December 2012 12 December 2012 Sound Oil plc ("Sound Oil" or "the Company") Sale of Indonesian Subsidiary, Board Change, Share Consolidation and Notice of General Meeting Sale of Bangkanai and Board Change Sound Oil, the Italian focused upstream oil and gas company, is pleased to announce that it has agreed to sell its Indonesian subsidiary, Mitra Energia Bangkanai Limited ("Mitra"), to Salamander Energy plc, the operator. The transaction involves the Company selling 100% of its shares in Mitra (whose only material asset is a 5% working interest in the Bangkanai Production Sharing Contract ("PSC")) in exchange for a total of up to US$7.1 million in cash, structured as follows: -- US$4.5 million, payable immediately -- US$1.1 million payable on the later of first gas from the Kerendan field or signature of a new gas sales agreement for the currently unsold gas in the Kerendan field -- Up to US$1.5 million to be paid as a royalty out of revenues from a future discovery on the Bangkanai PSC A total of US$0.4 million of taxes is also immediately payable to the Indonesian tax authorities by the Company on this transaction and the Company has provided a tax indemnity to the purchaser. The forward programme on the Bangkanai PSC involves the completion of the Kerendan development wells and the drilling of two water disposal wells after which it is planned to move the Drillco 1 rig to drill the West Kerendan-1 exploration well. The operator has advised that first gas from the Kerendan field is currently expected mid 2014 earliest. Following the exit of the Company from Indonesia, Ilham Habibie, a Non-Executive Director of the Company, has decided to leave the Board. The Board would like to thank Ilham for his significant contribution to the Company over many years. Ilham Habibie commented: "I have valued my time on the Board of Sound Oil and remain excited about the Italian high upside portfolio. I am pleased to confirm my intention to retain my shareholding and support the Company moving forward." Share Consolidation and General Meeting The Company also announces its intention to propose a share consolidation at a General Meeting of shareholders to be held on 4 January 2013 pursuant to which every 10 existing ordinary shares of 0.1p each ("Existing Ordinary Shares") that are in issue as at 5.00 p.m. on 4 January 2013 will be consolidated into one ordinary share of 1p each ("New Ordinary Share"). As at 11 December 2012, the Company had 2,870,120,815 Existing Ordinary Shares in issue and a mid-market price at the close of business that day of 1.05p per share. With shares of low denominations, small absolute movements in the share price can represent large percentage movements resulting in volatility. The consolidation is expected to assist in reducing the volatility in the Company's share price and enable a more consistent valuation of the Company. The Board also believes that the bid-offer spread on shares priced at low absolute levels can be disproportionate to the share price and therefore to the detriment of shareholders. Other than the change in nominal value, the New Ordinary Shares arising on implementation of the share consolidation will have the same rights as the Existing Ordinary Shares, including voting, dividend and other rights. Following the share consolidation, the Company's new SEDOL code will be B90XFF1 and its new ISIN code will be GB00B90XFF12. A circular will be sent to shareholders shortly with further information on the proposed consolidation and the General Meeting (at which the renewal of the powers of the Board to allot shares will also be proposed) and will be available on the Company's website: www.soundoil.co.uk. James Parsons, Sound Oil's Chief Executive Officer, commented: "The sale of the Bangkanai PSC is the next step in the re-shaping of Sound Oil's portfolio. This transaction exchanges potential annual cash flows from a development project (scheduled to commence mid 2014 but exposed to potential delays, including from the construction of the PLN plant) for cash upfront, which can be utilised to mature our high upside portfolio in Italy. Sound Oil now has a very clear strategic focus and some US$10.2 million cash in the bank. This should enable Sound Oil to complete a large portion of its 2013 work programme without equity dilution. This transaction also enables the immediate complete closure of the Jakarta office, which is part of a broader structural cost reduction programme. The running cost of the Jakarta office was circa US$800,000 per annum. The proposed share consolidation will significantly reduce the number of shares in issue and the associated price volatility, therefore preparing the Company for the next stage of its development. We have consciously chosen a consolidation ratio which does not penalise our private investors. I am personally disappointed to see Ilham leave as a Director although we look forward to continued dialogue in his role as a significant shareholder."|
|copestake: A warrant is basically the opportunity to buy shares at 24p regardless of current share price for the next 5 years. The same amount as given for the 19p. So for example if in 2 years time the share price is £1.25 a share you still pay 24p. It's a good deal in my eyes.|
Sound Oil confirms nomination for Best Oil & Gas Company at Stock Exchange Awards; Award ceremony 26th evening; http://www.stockmark|
|chelwood01: my my whats happened here no posts for days share price reversing no news of any interest last six rns about warrants talk about desperate , i have said for long enough this is grossly overpriced and still a far bit to go before any value , maybe if the loyal supporters of sou are short of something to discuss then what about a farm in partner for badile which does not look like materialising or how about morocco or even the last failure the list is endless . c01|
Sound Oil Most Recent Trade
|Trade Type||Trade Size||Trade Price||Trade Date||Trade Time||Currency|
|O||50,000||16.50||28 Aug 2015||16:31:33||GBX|