Result of AGM

RNS Number : 5529K

Sound Oil PLC

25 June 2014

 



25 June 2014

Sound Oil plc

("Sound Oil" or the "Company")

Results of Annual General Meeting

Sound Oil, the Mediterranean focused upstream oil and gas company, is pleased to announce that all resolutions put to shareholders at the Annual General Meeting ("AGM") of the Company held today were duly approved, including the resolutions which will enable the Company to complete the £14 million institutional investment - for which the signing of investment agreements were announced on 18 June 2014 (the "Institutional Investment").

On completion of the Institutional Investment, which is expected to occur in July following the finalization of ancillary documentation, the Company will be substantively funded and will be able to turn its attention to executing its 24 month drill programme.

Stuart Joyner, Chief Financial Officer, having played a pivotal role in funding the business, securing a partner for Nervesa and institutionalising the register has advised the Company of his decision to pursue other interests.  Stuart will remain available in a consulting capacity for a transition period.  James Parsons, Chief Executive Officer, will assume the Chief Financial Officer responsibilities pending the appointment of a replacement. 

The Company has today made an updated investor presentation available on its website at www.soundoil.co.uk and looks forward to meeting investors at an informal engagement with the Executive Team in London on 26 June 2014.  Details can be obtained from Stefania Barbaglio at [e-mail].

James Parsons, Chief Executive of Sound Oil, commented:

"This Institutional Investment positions the Company as a substantively funded vehicle.   

We wish Stuart continued success in his future endeavors and thank him for his contribution in positioning the Company for its next exciting phase of growth."

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]

 

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