Management Changes

RNS Number : 6106Q

Sound Oil PLC

19 June 2015

 

19 June 2015

Sound Oil plc

("Sound Oil" or the "Company")

Management Changes

Following the recent announcement of its Moroccan country entry, Sound Oil is pleased to announce the following management changes:

·     Luca Madeddu, an existing director of the Company and currently Managing Director Italy will assume the role of Managing Director Morocco.  Luca will relocate to Rabat and head a small but expert team in preparation for Sound Oil's operatorship and development of the Tendrara licence.

·     Leonardo Spicci, currently Deputy Managing Director Italy will assume the role of Managing Director Italy. 

The Company will now initiate a search for a replacement Deputy Managing Director in Italy.

The Company also announces the release of a revised investor presentation, available on its website.

James Parsons, Sound Oil's Chief Executive Officer, commented:

"Our Moroccan country entry is the first transformational transaction in pursuit of our Mediterranean gas strategy.

In anticipation of our operations on the Tendrara licence, with its multiple Tcf potential, and further growth in Morocco, I am very pleased to report that Luca has accepted this opportunity to lead our team in Rabat.  This enables us to retain the balance of our tight knit executive team whilst managing our broader portfolio and leveraging off our Milan based technical hub."

For further information please contact:

Sound Oil James Parsons, Chief Executive Officer	[e-mail]
Smith & Williamson - Nominated Adviser Azhic Basirov David Jones Ben Jeynes	Tel: [phone]
Peel Hunt - Broker Richard Crichton Charles Batten	Tel: [phone]
Vigo Communications Patrick d'Ancona Chris McMahon Alexandra Roper	Tel: [phone]

 

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