25th Feb 2020 12:33
(Alliance News) - Sound Energy PLC has appointed a new executive chair as it looks to complete the sale of Moroccan assets.
Graham Lyon will be joining as executive chair with immediate effect. He has four decades of experience in oil and gas, Sound said, and was previously the chair of London-listed firm Infrastrata PLC.
Marco Fumagalli, who has been acting non-executive chair since November, will revert back to his previous role of non-executive director.
Sound also said on Tuesday it will be looking for a new non-executive appointment.
"I am delighted to welcome Graham to the Sound Energy board at this critical juncture in the company's development and I, and the rest of the board, look forward to working with Graham as the company launches its micro liquefied natural gas strategy," said Fumagalli.
Sound in November said it would be selling most of its eastern Morocco portfolio for USD112.8 million. At the same time, a heads of terms was signed with a privately-owned UK-based energy firm.
However, last week the company warned it had yet to see proof from the proposed buyer it had the necessary funds to complete the deal.
Sound has undergone a number of executive changes over the past few months. Former Chief Executive James Parsons left in January, while ex-Chief Financial Officer JJ Traynor left in November. Mohammed Seghiri is currently acting as the firm's temporary CEO.
Sound shares were 4.8% higher on Tuesday afternoon in London at a price of 1.57 pence each.
By George Collard; [email protected]
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