27th Sep 2013 08:22
LONDON (Alliance News) - Sound Oil PLC Friday said pretax losses narrowed in its first half as the company recorded its first revenues.
The European and Mediterranean oil-and-gas exploration, development and production company said its losses narrowed to GBP1.0 million from GBP1.6 million for the six months ended June 30.
Sound oil said it has now posted its first revenues of GBP106,000 as its onshore Rapagnano gas field near Milan begins to sell its production.
The company also managed to cut its administrative expenses to GBP1.0 million from 1.4 million the previous year, improving its finances.
Sound Oil discovered a strong level of gas at its Nervesa onshore site in Italy and is moving towards first production in the second quarter 2015.
In addition, the company said it has received formal approvals as part of its environmental impact assessment at the San Lorenzo concession in Italy. Sound Oil expects to be awarded the concession in the fourth quarter 2014.
Sound Oil shares were up 1.4% to 9.00 pence Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
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