Simon Davies 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 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…