Sound Oil upbeat after transitional year

Shares of Italy-focused upstream oil and gas firm Sound Oil rose after it trimmed annual losses in a transitional year in which it reshaped its asset portfolio and restructured its management team.

Shares of Italy-focused upstream oil and gas firm Sound Oil rose after it trimmed annual losses in a transitional year in which it reshaped its asset portfolio and restructured its management team.

The group, which sold off its non-operated Indonesian assets, said loss before income tax reduced to £4.8m for the year ended December 31st 2012 from £5.6m a year earlier. Basic loss per share from continuing operations narrowed to 0.20p from a loss of 0.35p a year earlier.

Sound Oil said it is re-focusing towards the European and Mediterranean region and has recently seen first gas from Rapagnano, giving Sound Oil its first revenue since its initial public offering (IPO) in 2005.

The group's year-end cash balance was £6.9m (2011: £6,286,000). At April 22nd, Sound Oil had a cash balance of £6.9m.

CJ

Recommended

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework
Investment strategy

The MoneyWeek Podcast: picking stocks is fun, but you need to do your homework

John Stepek talks to Steve Clapham, investor, analyst and author of The Smart Money Method, about the dangers in picking individual stocks and why you…
8 Apr 2021
BP looks set to return more money to shareholders as it beats expectations
Energy stocks

BP looks set to return more money to shareholders as it beats expectations

Oil major BP is to embark on a share buyback programme after significantly reducing its debts. Saloni Sardana looks at what it means for your portfoli…
6 Apr 2021
Deliveroo has hit the market – but it’s not getting the warmest welcome
UK stockmarkets

Deliveroo has hit the market – but it’s not getting the warmest welcome

Food delivery company Deliveroo made its debut on the stockmarket this morning. But with the share price sliding by 30% straight away, it’s not made t…
31 Mar 2021
Three stocks to buy now that will come back stronger after Covid-19
Share tips

Three stocks to buy now that will come back stronger after Covid-19

Professional investor Ed Wielechowski of Odyssean Capital, chooses three compelling stocks that should thrive in a post-pandemic world.
29 Mar 2021

Most Popular

The bitcoin bubble will burst: here’s how to play it
Bitcoin

The bitcoin bubble will burst: here’s how to play it

The cryptocurrency’s price has soared far beyond its fundamentals, says Matthew Partridge. Here, he looks at how to short bitcoin.
12 Apr 2021
Four investment trusts for income investors to buy now
Investment trusts

Four investment trusts for income investors to buy now

Some high-yielding listed lending funds have come through the crisis with flying colours. David Stevenson picks four of the best.
12 Apr 2021
Central banks are rushing to build digital currencies. What are they, and what do they mean for you?
Bitcoin

Central banks are rushing to build digital currencies. What are they, and what do they mean for you?

As bitcoin continues to soar in value, many of the world’s central banks are looking to emulate it by issuing their own digital currencies. But centra…
8 Apr 2021