Sound Oil Review
My Initial statement is this review was ready for release at 6.5p and I see that level to 7.5p a profitable place to be over the next few months.
Sound Oil plc are a highly dynamic and innovative company embarking on a very real and true push into production and high impact exploration across Italy.
The story so far as I see it is Sound Oil have fully restructured the company after a failed PSC in Indonesia. The company appointed a new and highly regarded CEO in James Parsons who was incidentally CFO for 12 months prior, James comes from good stock with a Royal dutch shell background from 1994-2006 working as part of a global team in London,Denmark,Brazil,Holland and Santa Domingo He then went to Inter Pipeline Europe 2006 - 2011 before being appointed at CFO at Sound Oil 2011 and CEO in 2012.
The company has a very different feel as they are heavily funded (to the tune of about £9m) and on the cusp of change with 1st Gas at rapagnano and the drilling commencement (Spud) of Carita (Nervesa) a high value and Ex-Agip concession in the North which was last operated 30yrs ago. (80's) and signed off when it was $15 a barrel With the barrel traveling between $90-$100 consistently for £37m NPV and 21 Billion cubic feet (Bscf) recoverable it is clear there is significant value attainable, taken from a very low risk position 1:3-4 COS.
The permits/concessions and drilling contracts are all in place and ready to spud Q1-2 2013
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