Italy-focused junior energy firm Sound Oil reported Friday that it has raised $23.5 million (GBP 14 million) from institutional investor Continental Investment Partners. The funds will be used to finance the firm's drill program over the next year, including the development of the Nervesa and Badile onshore fields.
Sound also announced that, as part of the investment, Continental has the right to nominate two non-executive directors for appointment to the company’s board. One of these appointments is expected to be Marco Fumagalli, previously a group partner at investment firm 3i.
Sound CEO James Parsons commented in a company statement:
"I am very pleased to welcome Continental Investment Partners as our largest shareholder and first cornerstone institutional investor. The Investor is investing on behalf of private family offices in Italy, Switzerland and the UK. Continental's Managing Partners, Carlo Sgarbi and Marco Fumagalli, are highly supportive of our assets, our published business plan and the team we have built."
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