Westhouse Securities downgrades Sound Oil

Sound Oil, the European focused upstream oil and gas company, was downgraded by Westhouse Securities on Wednesday.

The analysts took the company from 'add' to 'neutral' on the basis that the Sound Oil shares are now fairly valued given the strong performance of the past four months. Westhouse suggested the success is dependant on something big happening soon or that Sound Oil will deliver on its 2015 plans ahead of guidance.

Sound Oil on Tuesday announced its unaudited preliminary results for the year ended 31 December 2014 which showed it has a cash balance of £12.6m and is working on a strategic partnership with a major oil and gas company to fund and technically de-risk a selection of its assets.