| CATEGORY: SMALL CAPS NEWS SECTOR: OIL & GAS PRODUCERS |
Sound Oil slumps as takeover collapses |
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Fri 04 Dec 2009
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LONDON (SHARECAST) - Shares in Sound Oil, which explores for oil and gas in Indonesia, re-commenced trading Friday morning after a suspension following the collapse of a possible reverse takeover and slumped nearly 40%.
Trading in the shares were suspended on October 20 when Sound said it was in discussions about the possible acquisition of a company with oil assets offshore West Africa, which would have represented a reverse takeover, but were re-admitted to trading today after the company said the discussions had been terminated.
It is unfortunate that this reverse transaction has collapsed as we committed significant time and effort to reaching a successful conclusion, chairman Gerry Orbell said.
We now intend to pursue vigorously our Indonesian assets and develop opportunities in that area using our cash resources judiciously.
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