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Sound Oil Plc (LSE:SOU) was down for the fourth session in a row on Friday morning despite a positive operations update released 31 October, 2011. Before this recent downward trend, the company traded at 3.475p, which has steadily fallen to 2.65p heading into the weekend.
Operations Update
The operations update posted by the company stated:
“Sound Oil is pleased to announce that the Casa Tiberi-1 exploration well commenced drilling operations at 0300 GMT today. The well, located close to Ancona in central Italy, will be drilled to a total depth of 700 m. Drilling operations are scheduled to take 10 days.”
ADVFN users take to the bulletin boards
The positive news about the new drilling operations was met with a downward shift in the share price, leaving many ADVFN members discussing the matter. Bulletin Board participant Stardrops2 stated about the situation; “A lot of traders buy on rumours sell on facts so when the RNS came out they started selling. To turn blue at the end bodes very well IMO.”
Company Spotlight
Sound Oil is an independent oil and gas exploration company listed on the AIM. Their primary exploration operations are in Italy and Indonesia. They acquired Mitra Energia in 2006, giving them interests in two onshore drilling operations in Indonesia.
Sound Oil purchased a 96% stake in the UK company Consul Oil & Gas in January 2011, giving them interests in 17 licenses both onshore and offshore. The oil and gas company’s 2010 Annual Report indicates that they incurred a loss of £15 million in 2010, though in Gerry Orbell’s Chairman statement, last year was “the most successful.”
Company Spotlight
↑ 31 October 2011 Operations Update
↑ SOU Stock Chart
↑ ADVFN Bulletin Board
↑ Sound Oil Company Overview
↑ Sound Oil Annual Report 2010
