Last checked at 2 Sep 2009 07:00
2 September 2009
Sound Oil plc ("the Company")
Operations Update - Citarum PSC, Indonesia
The Company is pleased to announce that considerable progress has been made towards completion of the outstanding work commitments on the Citarum Production Sharing Contract (PSC), onshore Java, Indonesia.
The operator of the PSC, Pan Orient Energy, has indicated that the acquisition of the initial 750 km 2D seismic program continues with approximately 1/3 of the data acquired to date and completion expected near the end of 2009 to early 2010. Data quality has been superior to that acquired in the adjacent acreage by previous operators and a number of leads at depths shallower than 1,700m have been identified on the data that have been processed to date.
These preliminary results are encouraging for the selection of drilling locations for the three remaining exploration commitment wells. The operator has reported that drilling is tentatively scheduled to commence in the second half of 2010.
Sound Oil plc is a 20% shareholder (through its wholly owned subsidiary Mitra Energia Citarum Limited) in the Citarum PSC.
Contacts:
Gerry Orbell, Sound Oil plc
Tel +44 (0) 7903 861145
Azhic Basirov/David Jones, Smith & Williamson Corporate Finance Limited
Tel: +44 (0) 207 131 4000
Tim Thompson, Buchanan Communications
Tel +44 (0) 207 466 5000