Sound Energy receives payment from Ophir

By Ruli Setiawan

AIM-listed Sound Energy PLC announced on Tuesday that it has received a US$1.1 million (less 7% transfer tax) cash payment from Ophir Energy plc.

This payment was triggered by the achievement of various operational targets on the Bangkanai license in Central Kalimantan, previously owned by Sound Energy, the firm said without providing more details.

The company said it will announce any further receipts of contingent consideration if and when they are received.

Sound Energy through Mitra Energia Bangkanai Limited used to have a 5 percent stake in Bangkanai PSC. London-based energy firm Salamander Energy plc acquired the stake back in 2012, bringing its stake to 85 percent. In 2014, Ophir acquired all Salamender?s stake in Bangkanai.

Editing by Johannes Simbolon