Sound Oil, the Mediterranean focused upstream oil and gas company, announced that the Board of Directors has decided to implement certain changes to reflect recent progress and developments.
Sound Oil's current Chairman, Andrew Hockey, has decided to step down as Chairman of the Company following the Annual General Meeting. Andrew will remain on the Board as a Non-Executive Director and will continue to chair the Exploration and Production Technical Committee and the HSE Committee.
Andrew currently holds a full time executive position at Fairfield Energy Limited.
Simon Davies, an existing Non-Executive Director of the Company and a significant shareholder, will assume the role of Non-Executive Chairman with immediate effect. Simon has a wealth of City experience, including as Executive Chairman of Threadneedle Asset Management. Simon is also currently Chairman of JP Morgan Overseas Investment Trust, a Non-Executive Director of Grainger PLC and a Director of Old Mutual Wealth Management.
Andrew Hockey, Chairman of Sound Oil, commented, "It has been a pleasure to have been Chairman of Sound Oil through its recent period of significant change. With the Company now fully focused on delivering value from its Italian portfolio and Continental secured as an institutional shareholder, we are now well placed for the future. To assure further growth the Board has agreed that the Chairman's role will be best filled by Simon Davies who is able to devote significant time to the position."
Simon Davies commented, "I am extremely pleased to assume the role of Chairman at this pivotal moment in the Company's history. I wish to thank Andrew for his contribution in positioning the Company for its next exciting phase of growth and look forward to continuing to work with him on the Board of Directors."