Sound Energy PLC (LON:SOU) has received a US$1.1mln cash boost from an asset in Indonesia, now owned by Ophir Energy.
The payment was triggered by a clause in the sales agreement for the Bangkanai licence in Indonesia, where certain operational milestones have now been achieved.
“The company will announce any further receipts of contingent consideration if and when they are received,” Sound said in a statement.
Investors in Sound Energy continue to look forward to news from Morocco, where the group is advancing potentially significant gas field development projects.
In Italy, meanwhile, the group continues to generate revenues from gas production, and it is hoping for the green light for the high impact Badile well. A local judgement on the group’s plan for Badile is due on March 21.