Antique oil painting on wood with sailing boats, Italy signed 1900s

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Charming antique small oil painting on wood depicting  a see or lake landscape with sailing boats and a sailor.
It´s framed in an old guilloché frame of ebonized wood.
The painting is signed, see photo, but I could not clearly read the signature and trace it back to a painter.
Italy, early 20th c.
Very good antique original condition, minor signs of age and use to the frame.

Size (approximate):
Height cm 27,5 | in 10.8
Width cm 33 | in 12.9
Painting circa cm 23 x 17 | in 9 x 6.6

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