Sound Oil looks to strategic partnerships to de-risk assets

Sound Oil, the Europe-focused upstream oil and gas company, unveiled its unaudited preliminary results for the year ended 31 December 2014

With a cash balance of £12.6m the company said it is working on a strategic partnership with a major oil and gas company to fund and technically de-risk a number of Sound Oil's assets. The firm is consolidating in Italy and plans onshore exploration, development and production asset acquisitions.

Its revenues in the year largely covered its Italian cost base.

Since year-end, the Badile Environmental Impact Assessment was approved in March 2015 for the drilling of the exploration well with a mid-case prospective resource of 178Bscf and NPV10 of €486m.

According to an Edison analyst report last year the exploration prospect at Badile is the well that can 'make the company'.