Sound Oil
Sound Oil is an independent oil and gas exploration company, incorporated in England and Wales and listed on the AIM market of the London Stock Exchange. Our strategy is to add significant shareholder value from a portfolio of exploration and production assets. The current project focus is on Italy and Indonesia where we have interests in active exploration and development licences. We aim to grow our portfolio with selective additions of projects in the focus areas and other regions of the world.
Presentations & Company Media
No documents available.
Related Research & Media
No documents available.
Company Statement:
Sound Oil plc was founded in 2005 and admitted to AIM in June 2005 following an initial fundraising of £10.9 million.
In June 2006 the Company acquired the entire share capital of the private Indonesian company Mitra Energia. At this time additional funds of £11.7 million were raised to fund a programme of exploration drilling of up to five exploration wells and initial development of the Kerendan gas field. The enlarged company was re-admitted to AIM in July 2006.
As a result of the Mitra acquisition Sound gained working interests in two licences onshore Indonesia: Bangkanai PSC (34.99%) in Kalimantan and Citarum PSC (20%) in Java.
A Plan of Development (POD) for the Kerendan gas field on Bangkanai PSC was approved in July 2006.
The Company participated in its first exploration well, Pasundan-1, on the Citarum PSC in 2007. The well was P&A in 2008 after re-entry and extensive testing.
The development of the Kerendan field remains in the planning stage and the project will probably not now deliver first gas until 2014, being dependent on state electricity company schedules. As a result it was decided to farm-down our interest in the Bangkanai PSC to 5% in May 2010, but to remain fully carried on all expenditures by the Operator until first gas.
In January 2011 the Company acquired 96% of the share capital of the private UK company Consul Oil & Gas Limited. At this time new funds of £3.7 million were raised in order to provide additional working capital for ongoing work programmes and costs. The acquisition gained Sound various working interests in seventeen licences onshore and offshore Italy, as follows:
Concession: Fonte San Damiano (99%).
Permits: Badile (100%), Carita (50%), Monteluro (95%), Monte Negro (50%), Sambucheto (95%), Torrente Alvo (50%), Villa Gigli (50%).
Assigned Permits: Colle Ginestre (50%), Convento (50%), Posta del Giudice (50%), Santa Maria Goretti (100%), Solfara Mare (100%), D148 DR-CS (100%), D150 DR-CS (100%), D503 BR-CS (100%).
Application: Costa del Sole (100%).
.gif)
Current Operations:
Italy Asset Overview:
In January 2011 the Company acquired 96% of the share capital of the private UK company Consul Oil & Gas Limited. Consul has interests in 17 licences in Italy through its wholly-owned subsidiary Apennine Energy srl, most of which are operated. Licence details are as follows:
Click here for further information on Sound Oil's Italian Operations and Projects
Indonesia:
Bankanai PSC
Licence Details:
Area: 4534 km2
Effective date: 30.12.2003.
Term: 30 years.
First Period Work Commitment: 2 Exploration wells + 200 km 2D seismic.
Interests:
Salamander Bangkanai Energy (Operator): 69.00%
Bangkanai Petroleum (L) Berhad (Medco): 15.00%
Chariot International (El Nusa): 11.00%
Mitra Energia Bangkanai (Sound): 5.00%
Contract Area History
The block is located onshore Kalimantan, Indonesia, over a NE-plunging spur of the Kutei Basin known as the Kerendan Depression. The area has been previously operated by Unocal who acquired a skeletal grid of 2D seismic data and drilled 7 exploration wells in the 1980s. Two gas wells and a well with gas shows were drilled to delineate the Kerendan gas field in the Oligocene Berai (Kerendan Limestone) Formation. Unocal was granted a POD by BPMigas, but relinquished the licence after failing to secure a gas sales agreement during the Indonesian financial crisis. (READ MORE)
Citarum PSC
Licence Details:
Area: 2878 km2
Effective date: 07.10.2005.
Term: 30 years.
First Period Work Commitment: 4 Exploration wells + 750 km 2D seismic.
Interests:
Pan Orient Energy Citarum (Operator): 69.00%
Mitra Energia Citarum (Sound): 20.00%
Bumi Parahyangan Energi: 11.00%
Contract Area History
The Citarum PSC is located onshore West Java at the southern margin of the Northwest Java Basin. The basin hosts of a series of oil and gas fields extending over a 200 km NW-SE trend and some 50 km into the offshore area. Several producing oil and gas fields are located immediately north of the block, including Jatinegara, Jatirarangon, Pasirjadi, Subang and Randegan. The block was un-drilled prior to award of the current PSC. (READ MORE)
Management
Gerald Orbell, Chairman and Chief Executive
Gerald Orbell is a petroleum geologist with over 30 years of technical, managerial and director level experience in the hydrocarbon and utilities sectors. Gerald has previously held the position of executive director of Fina Exploration, Fina Development, Premier Oil plc and United Utilities plc. Gerald is currently the chairman of Antrim Energy Inc. where he oversees the company's business in the UK. He is also a member of the boards of Consul Oil & Gas Limited, Moorland Energy and Valpak Limited, where he is also chairman of the audit committee.
Ilham Habibie, Non-executive Director
Ilham Habibie holds a PhD in aeronautical engineering from the Technical University of Munich and a MBA from the University of Chicago. Ilham's previous professional background is largely with aerospace companies and in 2002 became co-founder and shareholder of PT. ILTHABI Rekatama, a private investment company in Indonesia, which he joined as a President Director in 2002. Through ILTHABI he invested into various companies in the fields of energy, mining, manufacturing and transportation. He is on various boards of the companies in which ILTHABI has invested, mostly as a non-executive and occasionally as an executive director. Ilham was a founding director of Mitra Energia Ltd which merged with Sound Oil in 2006.
Michael Nobbs, Non-executive Director
Michael Nobbs has a thirty-five year track record in investment banking, with a focus on corporate and project finance. He was a managing director and senior credit officer for Citigroup/Citibank and and Group Finance Director for Tishman International Companies. In his career, Michael has participated in multiple capital raisings, both debt and equity, and in the areas of securitisation, initial public offerings, M and A, and company restructurings. He has held positions in London, New York and Los Angeles. At present Michael acts as an independent company director and investment advisor and is on the Boards of Plasco Energy, Ithaca Energy, Mart Resources, Illinois River Energy, GTL Resources Plc and Leeder Financial Services, among others.
Andrew Hockey, Non-executive Director
Andrew Hockey holds a BA in geology from the University of Oxford and an MSc in Petroleum Geology from Imperial College, London. He has over 25 years technical and managerial experience in the upstream oil and gas industry. Andrew is a co-founder of Fairfield Energy Limited where he is General Manager, Joint Ventures and New Business. Prior to joining Fairfield Andrew worked for Eni in Milan from 2002-2005. Previously Andrew was in charge of Lasmo plc’s portfolio in Algeria, Tunisia and Morocco and was Monument’s Exploration Manager for Algeria and supervised North Africa and Greece for Triton Energy. Andrew’s early career was with Petrofina as an exploration geologist in the UK North Sea and internationally in Southeast Asia.
Tony Heath, Chief Financial Officer
Tony Heath has over thirty years financial and general management experience in a variety of roles including finance manager of Burmah Oil's North Sea exploration activity, Finance Director of Halfords retailing group and Controller of the Burmah-Castrol Group. Tony was Finance Director of Premier Oil plc the international oil and gas exploration and production group from 1990 to 1997.
Jossy Rachmantio, Chief Executive Jakarta
Jossy Rachmantio obtained a BSc in Material Engineering in the USA and a Masters in International Management. He has held a number of management positions in Indonesia including with Repindo Nusa Jaya (power project development), managing director of Flotec (bandwidth optimization software) and managing director of Profescripta Wahana (company restructuring). Jossy was a founding director of Mitra Energia Ltd which merged with Sound Oil in 2006.
Michael Cope, Chief Operating Officer
Michael Cope is a petroleum geologist by background. He holds BSc and PhD degrees from the University of London and is a Chartered Geologist of the Geological Society of London. He joined Sound Oil plc in 2006. Previously he worked in senior positions with Texaco, Petrofina and Schlumberger-WesternGeco involved in exploration, appraisal and field development projects in West Africa, North Africa, Central Asia, Southeast Asia and Northwest Europe.
Major Shareholders
Contact Information
Sound Oil plc
Riverbridge House
Guildford Road
Leatherhead
Surrey
KT22 9AD
United Kingdom
Tel: +44 (0)1372 365745
Fax: +44 (0)1372 365746
Mitra Energia Ltd
Plaza Bapindo
Citibank Tower 21st Floor
Jl. Jend. Sudirman kav 54-55
Jakarta 12190
Indonesia
Tel: + 62 21 526 6448
Fax: + 62 21 526 6449
Apennine Energy srl
Via Alberico II 31
00193 Rome
Italy
Tel : +39 06 689 3085
Fax: +39 06 686 9866
Registered Address
55 Gower Street
London
WC1E 6HQ
United Kingdom
Corporate Information
PR Consultants:
Tim Thompson
Buchanan Communications Ltd
107 Cheapside
London EC2V 6DN
Tel +44 (0) 207 466 5000
Fax +44 (0) 207 466 5001
