28th Apr 2015 08:04
LONDON (Alliance News) - Europe and Mediterranean-focused oil and gas company Sound Oil PLC saw its shares gain ground in early trade on Tuesday after it said its loss in 2014 narrowed on the back of better-than-expected production and a drop-off in exploration costs.
Sound Oil said its pretax loss in 2014 was GBP4.9 million, compared to a GBP6.9 million loss a year earlier. Revenue rose to GBP983,000 from GBP482,000. The loss was cut primarily by a fall in exploration costs to GBP74,000 from GBP4 million.
The company said it had its first full-year production from the Rapagnano site in Italy, with volumes ahead of its expectations at 3.2 million cubic feet of gas.
Sound also made progress on the Badile permit in the year and remains in talks on the farm-out of the project, and said it has now spud its second well at the Nervesa project, with test results expected in June.
Shares in Sound Oil were up 5.7% to 24.97 pence on Tuesday morning, one of the best performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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