Resources round-up: Mediterranean Oil & Gas, Amerisur, Sound Oil

Mediterranean Oil & Gas has announced that two Non-Executive Directors of the company, Salvatore Russo and Michael Seymour, will step down from the board with immediate effect. Enrico Testa, the Chairman of the Board of Telit Communications, has been appointed into the role with immediate effect. He has previous been a director at Allianz, the Managing Director of Rothschild, and Chairman of Enel.

By MoneyWeek

published 11 October 2012

in Features

Amerisur Resources, an oil and gas producer and explorer focused on South America, has placed 70m new ordinary shares at 37.5p each, representing around 7.3 per cent of the ordinary shares currently issue. The placing raised gross proceeds of £26.25m (around $42m) will be used to accelerate its growth profile and access new opportunities within its areas of core presence and expertise, including the next Colombian licensing round.

Sound Oil, an upstream oil and gas company with assets in Italy and Indonesia, has appointed Andrew Hockey as Non-Executive Chairman and James Parsons as Chief Executive Officer of the company with immediate effect. Gerry Orbell, who has been Chairman and Chief Executive since founding Sound Oil seven years ago, has chosen to retire from the company and is leaving the board with immediate effect. Hockey, aged 53, 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. Parsons, aged 40, has been Chief Financial Officer at the company for the past twelve months and has 19 years' experience in the fields of strategy, management, finance and corporate development in the energy industry.

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