Prior to the UK Investor Show I caught up with Sound Oil, Many of you may recall the promise peddled by the old regime however today we have a very different board and management structure. James and Stuart are younger guys with a real desire to drive upside potential from what by their own admission was ” choppy waters ” since coming into the post as CEO and CFO respectively, with big oil and finance slapped across their resumes its hard to grasp why these two are heading a small cap E&P operating out of Italy!
The simple answer is favourable terms fiscally coupled to an ever growing demand from the Italians for natural resource value creation, the country benefits from any company regardless of size going into production, offshore has become more relaxed since the 5m exclusion was lifted with permitting always the bane of juniors easing. The main driving force being 2 ex-ENI Italians Luca and Leo, both undoubtedly competent and more importantly (some may say) typically passionate about piling the foundations of a respectable operation in Italy. Its incredible to think that there are so many possibilities in the future after proving up Nervesa, Sound go into a revenue stream from smaller assets in place, the first revolution of the sound oil story is yet to turn and on this basis I suggest those attending the show personally visit Leo and Luca on their rare visit to London.
I hope to have firm agreement and understanding from the team on investors need for clarity and after what only can be described as a misfire in 2011 its now time to couple up both management and shareholder.
Expect more from me whilst I/we expect more from them