Sound Oil News

Sound Oil, the European / Mediterranean focused upstream oil and gas company, announced its unaudited interim results for the six months ended 30 June 2014. Simon Davies, Chairman  of Sound Oil  stated, "The first half of 2014, which included a £14 million institutional investment, has been a critical inflection point for the Company. This successful funding transaction which was secured at a significant premium to the prevailing share price, now positions the Company with the funds required to fulfil its immediate drilling priorities. Following this investment, the team and I are pleased to welcome our new cornerstone investor, Continental Investment Partners S.A.

Sound Oil, the Mediterranean focused upstream oil and gas company, is pleased to announce that Luca Madeddu, Sound Oil's Italian Managing Director, has been appointed to the Board with immediate effect. Luca has been with Sound Oil since 2012 and brings over 24 years of experience in the upstream oil and gas industry with ENI, the major integrated energy company. Luca is a reservoir geologist by background and has extensive experience in hydrocarbon production, field development, petroleum engineering, supply chain management and reservoir engineering. He has managed large teams in complex operations in sensitive onshore and offshore environments and has worked in Italy, Venezuela, Nigeria, Indonesia, UK and Congo.

Sound Oil, the European / Mediterranean focused upstream oil and gas company, is pleased to update investors on its continued progress with the proposed second well addressing the Southern limb of the Nervesa gas discovery, onshore Italy. The 5,000psi single completion wellhead has now been delivered to a local warehouse and is ready for installation. The remaining long lead items have now also been ordered and are scheduled for delivery during September. These additional items include a full set of casing, tubing and the liner hanger. James Parsons, Sound Oil's Chief Executive Officer, commented, "Preparations for the second appraisal well on the 24 Bscf Nervesa gas discovery continue.

Sound Oil, the Mediterranean focused upstream oil and gas company, announced the appointment with immediate effect of Marco Fumagalli as a Non Executive Director of the Company following the institutional investment announced on 25 April 2014.   Marco Fumagalli is Continental Investment Partners' Managing Partner and a well-known Italian businessman who was previously a Group Partner at 3i.  Marco is a 25% shareholder in Continental Investment Partners.   Last month, Sound said that Continental Investment Partners had completed its due-diligence and the investment agreement had been signed.

Sound Oil, the European / Mediterranean focused upstream oil and gas company, achieved a significant upgrade in the recoverable volume of the Santa Maria Goretti ("SMG") gas prospect, onshore Italy. The onshore SMG Permit sits in the Marche Region in Central Eastern Italy, covers an area of 101km2 and is owned 100% by Sound Oil. The SMG Permit area contains the southern extension of two significant producing gas fields, from 4 wells, which are owned by ENI and Edison in the adjacent permit and have been producing for over 30 years. The main reservoirs for the SMG area are the Thin Beds and Level-1, both belonging to the Lower Pliocene Cellino formation. CGG Robertson have completed a full independent Competent Person's Report ("CPR") of this asset.

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.

Sound Oil, the Mediterranean focused upstream oil and gas company, announced the successful completion of due diligence and the signing of investment agreements in respect of the £14 million Institutional funding announced by the Company on 25 April 2014 and expected to be completed in July 2014. Continental Investment Partners SA, acting on behalf of itself and affiliates has now successfully completed due diligence and signed the investment agreements, including a 50/50 debt/equity split which results in a total investment of £14 million at an average price of approximately 9.2 pence per share. Metano Capital SA, a subsidiary of Continental Partners SA…

Minerals Management Service (MMS) Gulf of Mexico Regional Director Lars Herbst has selected David W. Cooke, Ph.D. as the new Regional Supervisor for Resource Evaluation in the Gulf Region Office. As Regional Supervisor for Resource Evaluation, Dr. Cooke’s responsibilities will include overseeing economic evaluations for lease sales and reserve and resource assessments in the Gulf of Mexico and the Atlantic Outer Continental Shelf (OCS.)   He will manage a staff of 135 geologists, petroleum engineers, geophysicists, and support staff who are responsible for data acquisition and management, economic analysis, resource studies, and environmentally sound oil and gas operations throughout the Gulf OCS Region. Dr.

The Secretary of Transportation has delegated to the Commandant, U.S. Coast Guard authority to appoint representatives to the Advisory Board of the Prince William Sound Oil Spill Recovery Institute which was established under section 5001 of the Oil Pollution Act of 1990 (OPA 90). Source: HK Law