Sound Oil has acquired Celtique Energie’s 50% interest in three Italian oil and gas permits for $9m.
The permits include Torrente Alvo (Strombone oil discovery), Carita (Nervesa gas discovery) and Monte Negro (gas exploration).
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With this acquisition, Sound Oil has increased its interest in the permits to 100%.
Sound Oil paid $5m in cash from existing funds, 59 million Sound Oil shares worth $2.5m and 32 million Sound Oil ordinary shares worth $1.5m.
The firm signed a heads-of-terms deal with Astin Capital Management to fund drilling operations with a minimum of £4m new equity across two tranches of ordinary shares.
The funds raised will be used for drilling operations, including the Nervesa discovery, during 2012.
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By GlobalData
