Sound Energy said it had refocused its strategy onto onshore gas in the wake of oil’s decline.
In its annual report, chief executive James Parsons said: “2015 was a turbulent year for the energy sector, with continued low oil prices and increasing global carbon
consciousness.
“In response to the challenging environment faced by the industry at large, Sound Energy has been steadfastly pursuing an onshore regional gas strategy, underpinned by solid European gas fundamentals and a trend of global
transition to gas, as a cleaner alternative to coal and oil.”
The firm most recently acquired an operated 55% interest in the Tendrara licence onshore Morocco. It also has interests in Morocco’s onshore Sidi Moktar and Italy’s onshore Badile.
Sound Energy closed last year with a cash balance of £15.1million.
Parsons added: “Despite the challenging sector backdrop and a disappointing result so far at Nervesa, Sound Energy’s high quality partnerships, significant cash balance and strong management team position us well for continued counter-cyclical growth. We move into a very busy 2016 in a very robust position, looking to generate value through the drill bit and pursuing selective opportunities to complement our portfolio. We are now just a few weeks away from the result at our first strategic play.”