Sound Oil upbeat after transitional year

30th May 2013 12:08

Shares of Italy focused upstream oil and gas firm Sound Oil rose after it trimmed annual losses in what it described as a transitional year. 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 after costs related to its divestments and restructuring.Basic loss per share from continuing operations narrowed to 0.20 from a loss of 0.35 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 IPO in 2005.The group said it had a cash balance of £6.9m at the end of the year.Shares of Sound Oil rose 5.71% to 9.25p at 13:00 in London. CJ