SOGP Sovereign Oil

 

TIDMSOGP 
 
RNS Number : 4921O 
Sovereign Oilfield Group plc 
06 March 2009 
 

 
 
+---------------------------------------+---------------------------------------+ 
| FOR IMMEDIATE RELEASE                 |                          6 March 2009 | 
+---------------------------------------+---------------------------------------+ 
 
 
 
 
 
 
SOVEREIGN OILFIELD GROUP Plc 
 
 
("Sovereign" or "the Company" or "the Group") 
 
 
Sale of Subsidiary 
 
 
 
 
Sovereign Oilfield Group Plc ("Sovereign" or the "Company") is pleased to 
announce that Diamant Drilling Services SA ("DDS"), its Belgian PDC drill bit 
design and manufacturing subsidiary, acquired by Sovereign in 2005, which was 
consistently loss making (loss of the year to 31 March 2008 of EUR1.37m), was sold 
yesterday to Logan Oil Tools Inc (www.loganoiltools.com). 
The consideration of up to approximately EUR527,000 will be used to pay down 
existing Sovereign loan facilities. The first tranche of EUR250,000 cash will be 
paid in 3 months and a further contribution of up to EUR277,000, dependent on 
certain performance criteria, will become due within 6 months following 
completion. DDS had net fixed and current  assets totalling approximately EUR4.8m 
at the time of sale. 
The Company continues to focus on the remaining subsidiaries 
providing fabrication and drilling services to oil and gas companies and 
contractors in the UK and internationally. 
The Company is still negotiating to refinance its existing debt and the 
Directors, still optimistic of achieving this and the subsequent release of the 
report and accounts to 31 March 2008, hope to update shareholders of further 
progress shortly. 
 
 
 
 
Further information: 
 
 
Sovereign Oilfield Group Plc                          Tel: 01224 261900 
Graham Burgess, Chief Executive Officer 
Julie Cowie, Finance Director 
 
 
Buchanan Communications                          Tel: 0207 466 5000 
Tim Thompson/Catherine Breen 
 
 
Charles Stanley Securities - Nominated Advisor    Tel: 0207 149 6000 
Mark Taylor/Freddy Crossley 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCBRGDXUGGGGCL 
 

Sovereign Oilfield (LSE:SOGP)
Gráfica de Acción Histórica
De May 2024 a Jun 2024

Sovereign Oilfield (LSE:SOGP)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024