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Sound Oil, the upstream oil and gas company with assets in Indonesia and Italy, announces that it has acquired a further 552,381 ordinary shares in its subsidiary Consul Oil & Gas Limited ("Consul") which Sound Oil did not already own and consequently Consul is now 98% owned by the Company (the "Transaction").
Consideration for the Transaction has been satisfied by the issue of 5,555,555 new ordinary shares of 0.1p each in Sound Oil ("Ordinary Shares" and specifically, the "Consideration Shares") and the payment of a cash sum of US$46,666.66, being the same terms and conditions under which Consul shares had previously been acquired (as announced on 15 December 2010). Application has been made for the admission to trading on AIM of the Consideration Shares.
Subsequent to admission of the Consideration Shares (expected on 4 April 2011), there will be 1,559,662,371 Ordinary Shares in the Company 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 will therefore be 1,559,662,371.
The above 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.
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