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EPIC: SOU
Market: AIM
52-week High/Low: 26.63p / 8.88p
Sector: Energy
Market Cap: 85.27M
Phone: +44 (0)1372 365745
Address: Riverbridge House, Guildford Road, Leatherhead, Surrey KT22 9AD.
Website: www.soundoil.co.uk

Sound Oil

Sound Oil is a listed, Mediterranean focused, upstream company with a high upside onshore Italian gas portfolio. An experienced, ambitious and action orientated management with strong italian relationships underpin these assets.Sound Oil has two producing assets, is fully funded and is focused on turning its current high upside portfolio into shareholder value. Its programme for the next year includes starting production at the Nervesa gas discovery, drilling the Badile prospect and drilling the Laura and SMG gas discoveries. Sound Oil aims to broaden the portfolio towards a Mediterranean mid cap player within a couple of years.

Deal SOU Tax Free* Losses can exceed
your initial deposit
*subject to change and depends on individual circumstances.

Sound Oil

www.soundoil.co.uk

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Big picture - Why invest in Sound Oil

Sound Oil Snapshot

We are an Italian focused small cap exploration company, listed on AIM with strong liquidity and focused on turning our current portfolio of high upside assets into shareholder value.

 

We have begun a journey to become a mid cap, producing, oil and gas company.

 

Our target portfolio remains a blend of high upside exploration and development assets with some solid, cash generating production.

 

The first step on that journey was a refocusing of our portfolio to a pure Italian play.

 

The second step, now underway, is the drilling of the first four Italian wells.  These wells are the backbone of the company – two appraisal wells, Nervesa and Laura, and two exploration – Badile and Zibido.  All four will be drilled by mid 2015 and collectively they represent nearly a billion dollars of independently assessed net present value with annual free cash flows exceeding US$300M

 

The third step on our journey is a rationalisation of the current licence portfolio.  The plan here is to focus in on the licences with game changing potential, exit some of the smaller ones and bring forward a few of our “hidden games”, which will include Santa Maria Goretti (an onshore gas prospect potentially similar in scale to Badile).  This rationalisation will also free up capacity to add the exciting new licences we have already identified.  So we are consciously reshaping our portfolio towards the larger scale, game changing opportunities.

 

The final step in the journey involves expansion beyond Italy, probably through acquisition.  We now have the skills onboard to originate and execute transformational transactions.  This will be combined with consolidation with competitors within Italy, where possible.

 

It is worth me adding that whilst Sound is strategically driven, it will remain entrepreneurial and opportunistic.  Therefore the steps on this journey may not be sequential.

 

So in summary – Sound is a small team focused on “shaping moves” and working to deliver a mid cap producing oil and gas company.

 

The journey has begun…

ITALY

 

The Company  has interests in 20 licences (8 pending full award and 2 pending appeal) in Italy through its wholly-owned subsidiary Apennine Energy srl, most of which are operated. Licence details are as follows:

 

For more informatiomn on the operations please click here

ANDREW HOCKEY, CHAIRMAN (NON-EXECUTIVE) 

Andrew Hockey has been a non executive director of Sound Oil since May 2011 and has 30 years technical and managerial experience in the upstream oil and gas industry.  Andrew is a co-founder of Fairfield Energy Limited where he is General Manager, Joint Ventures and New Business. Andrew's previous roles include senior positions in Eni, Lasmo, Monument and Petrofina with responsibilities across Italy, Algeria, Tunisia, Morocco, Greece and the UK North Sea.  Andrew has a BA Honours in Geology from Oxford University and an MSc in Petroleum Geology from Imperial College, London.

 

JAMES PARSONS, CHIEF EXECUTIVE OFFICER 

James Parsons has 20 years’ experience in the fields of strategy, management, finance and corporate development in the energy industry.  James Parsons was appointed Chief Executive Officer in October 2012.  

James started his career with the Royal Dutch Shell group in 1994 and spent 12 years with Shell working in Brazil, the Dominican Republic, Scandinavia, Holland and London. Leading up to 2006 (when he left Shell to join Inter Pipeline Fund), James held various positions in Shell's exploration and production business, latterly as Vice President, Finance, of New Business. 

James joined Sound Oil as Chief Financial Officer in 2011 from the European division of Inter Pipeline Fund, a Toronto-listed resources business, where he held the position of Finance and Corporate Development Director of Inter Pipeline Europe. 

James is a qualified accountant and has a BA Honours in Business Economics.

 

SIMON DAVIES, DIRECTOR (NON-EXECUTIVE) (55)

Simon was appointed as a Non-Executive Director of Sound Oil in February 2014, and has over 30 years experience of investment management. He is also currently Chairman of the JP Morgan Overseas Investment Trust plc, a Non-Executive Director of Grainger plc, and a Director of a number of subsidiaries of Old Mutual Wealth Management Limited. He began his investment career in 1981 with Rothschild Asset Management, and has held various positions in the City of London, including Chairman and Chief Executive of Threadneedle Asset Management Limited, and Chairman of Thames Water Pension Trustees. 

Simon holds various professional and academic qualifications, including a degree in Economics.

 

GERRY ORBELL, DIRECTOR (NON-EXECUTIVE) (66)

Gerry Orbell retired as Chairman and CEO of Sound Oil in 2012 after founding the company in 2005, and running it for seven years. He was reappointed to the Board as a Non-Executive Director in February 2014. He is a petroleum geologist with over 40 years international experience - including Board positions at Premier Oil and Fina - and is currently Chairman of Antrim Energy Inc, as well a Director on a number of private company Boards.

Gerry holds a PhD in Geology from University College London, and has been a member of the American Association of Petroleum Geologists since 1975.

 

TONY HEATH, DIRECTOR (NON-EXECUTIVE)

Tony Heath has over thirty years financial and general management experience in a variety of roles. Qualifying as a chartered accountant in 1964, Tony joined Burmah Oil's motor fuels development business in 1968. He then spent four years as finance manager for Burmah Oil's North Sea oil exploration activity which was followed by a further four years as finance director of Halford's retailing group which included managing its Dutch and factoring businesses. He then became group controller of Burmah Oil and was responsible for all financial information and control of the international oil group covering operations in thirty-five countries. Tony joined the board of Premier Oil plc as group finance director in 1990 where he had overall responsibility for all financial matters in the oil exploration and production business in many countries around the world.  Tony was CFO of Sound Oil plc from 2005 to 2011.

 

LUCA MADEDDU , MANAGING DIRECTOR, ITALY

Luca has over 22 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 Venezuela, Nigeria, Indonesia, UK, Congo and Italy.  Luca is aged 49 and holds a Degree in Geology from Milan University.

 

STUART JOYNER, CHIEF FINANCIAL OFFICER

Stuart Joyner has 19 years’ experience in investment banking for the oil and gas sector, joining Sound Oil from Investec Bank where he had been Head of Oil and Gas.  He has previously worked for Credit Suisse, Morgan Stanley, Dresdner Kleinwort and NatWest Securities.

While at Investec Stuart led the Oil and Gas team of one of the top ranked investment banks in UK mid and smallcaps, including the AIM market.  He was also responsible for a number of key transactions within Mergers / Acquisitions and Equity.

Stuart has an MA (Hons) in German and French from the University of Edinburgh, is FSA registered and has qualifications in accountancy and financial analysis.

 

LEONARDO SPICCI, BADILE DIRECTOR / DEPUTY MANAGING DIRECTOR, ITALY (50)

Leonardo has over 20 years upstream experience with ENI, Petrobel, KPO and GSA, with extensive experience of working in Italy, Northern Africa, Middle East and Central Asia.

Prior to joining Sound Oil in 2013 he was the District Manager for all Northern Italian Assets at ENI, managing a portfolio of onshore fields, offshore platforms and gas and oil treatment plants.

Leonardo has a BSc in Geological Science and is a Member of the Society of Petroleum Engineers

 

 

Information taken from company website 25.02.2014

Sound Oil plc

Riverbridge House

Guildford Road

Leatherhead

Surrey

KT22 9AD

United Kingdom

Tel: +44 (0)1372 365745

 

Apennine Energy srl

Via Alberico II 31

00193 Rome

Italy

Tel/Fax:  +39 02 97384369

Tel:  +3902 97384430

Nominated Adviser

Smith & Williamson Corporate Finance Limited

25 Moorgate

London

EC2R 6AY

 

Brokers

Peel Hunt LLP

Moor House

120 London Wall

London

EC2Y 5ET

 

Registrars

Share Registrars Limited

Suite E, First Floor

9 Lion and Lamb Yard

Farnham

Surrey

GU9 7LL

 

Solicitors

Ronaldsons

55 Gower Street

London

WC1E 6HQ

 

Auditors

Crowe Clark Whitehill LLP

St Bride's House

10 Salisbury Square

London

EC4Y 8EH

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