Sound Energy narrowed its losses by more than £3million in 2016 as the board hailed a “transformational year” for the Africa and Europe focused upstream firm.
The company’s loss for 2016 before tax was £15.2million, down from a loss of £18.3million in 2015.
Executive director James Parsons took home the equivalent of just over £1.1million with his salary of £342,000 being propped up by two awards of £375,000 each.
In comparison his total remuneration for 2015 was less than half a million pounds.
Throughout 2016, Sound focused on the low cost trillion cubic ft potential of the its Eastern Morocco Tendrara test well as well as operations in Italy.
In a joint statement Parsons, the firm’s CEO, and non executive chairman Stepehen Whyte said: “Despite being another turbulent period for the energy sector, 2016 has been truly transformational for Sound Energy.
“We have continued to build an exploration focused onshore Mediterranean gas business hinged on strong European gas fundamentals, a strategic partnership with Schlumberger and a low cost multi Tcf potential development asset in Morocco.
“Our focus during 2016 has been to pursue a high impact exploration campaign in Eastern Morocco (drilling TE-6 and TE- 7) whilst finalising preparations to drill Badile in northern Italy.
“Alongside this, we have continued to develop our high quality partnerships, maintain a strong balance sheet and ensure our operations are safe and sustainable.”