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).
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.
