Last checked at 24 Aug 2016 07:00
24 August 2016
Sound Energy plc
("Sound Energy" or the "Company")
Strengthening of Executive Leadership and Change of Registered Office
Sound Energy, the European and African focused upstream company, announces a series of executive changes aimed at strengthening its technical leadership.
Following the Company's recent gas discovery at Tendrara, onshore Morocco and the resultant potential for the Eastern Morocco TAGI play to be a material hydrocarbon province, the Company announces the following executive appointments:
· Brian Mitchener joins Sound Energy as Executive Vice President ("EVP") Exploration, based in the UK. Brian was previously Regional General Manager of Exploration at BG Group plc and has over 35 years experience in Exploration leadership in BG, Statoil and BP. Brian brings a wealth of African exploration experience to the Sound Energy executive team.
· Leonardo Spicci, previously Sound Energy's Managing Director Italy, will assume the role of EVP Development / Production, based in the UK.
· Leonardo Salvadori, previously Sound Energy's Business Development Director, will assume the role of Managing Director Italy, based in Milan.
Luca Madeddu (Managing Director Morocco), Mary Hood (EVP Finance / CFO), and Fred Lacuha (General Counsel) all remain in their current roles.
The Company's executive team, led by James Parsons (Chief Executive Officer), therefore now consists of:
· EVP Exploration
· EVP Development / Production
· Managing Director Morocco
· Managing Director Italy
· EVP Finance / CFO
· General Counsel
The Company also intends to appoint a Vice President of Business Development in due course.
Change of Registered Office
The Company also announces that its registered office has changed, with immediate effect, to 1st Floor, 4 Pembroke Road, Sevenoaks TN13 1XR.
James Parsons, Sound Energy's Chief Executive Officer, commented:
"This is a pivotal time for the Company as we initiate the drilling of our second well at Tendrara (with a view to proving a sub-horizontal drilling concept), finalise our plans for the outpost well at Tendrara (with a view to proving Tendrara's multi Tcf potential) and initiate the countdown to our second Strategic Play, Badile.
I am extremely pleased to welcome Brian Mitchener, a proven world class hydrocarbon finder. The Sound Energy team now has the depth of management to handle simultaneous wells and to ensure robust technical assurance at key decision gates.
This strengthening of our leadership strikes a balance between staffing for success in Morocco and maintaining a low cost base whilst keeping the existing tight-knit team together.
I look forward to continued success together."
For further information, please contact:
Vigo Communications - PR Adviser Tel: +44 (0)20 7830 9700
Patrick d'Ancona
Chris McMahon
Alexandra Roper
Sound Energy j.parsons@soundenergyplc.com
James Parsons, Chief Executive Officer
Smith & Williamson - Nominated Adviser Tel: +44 (0)20 7131 4000
Azhic Basirov
David Jones
Ben Jeynes
Cantor Fitzgerald Europe - Broker Tel: +44 (0)20 7894 8896
Sarah Wharry
David Porter