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Sound Oil plc Agrees To Sell Mitra Energia Bangkanai Limited To Salamander Energy plc

Wednesday, 12 Dec 2012 02:00am EST 

Sound Oil plc announced 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 USD7.1 million in cash, structured as follows: USD4.5 million, payable immediately; USD1.1 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 USD1.5 million to be paid as a royalty out of revenues from a future discovery on the Bangkanai PSC. A total of USd0.4 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. 

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23 Jul 2014