Sound Energy results don’t hit the right note for markets

AIM-listed upstream gas firm Sound Energy (LON:SOU) saw its share price drop by 8.50% to 8.02p (as of 14:45 BST) after its loss before tax more than tripled for the six months ended 30th June. The company booked no revenues and has begun the marketing process for its Eastern Moroccan licences as well as moving to reduce its structural costs.

CEO James Parsons and Chairman Simon Davies commented: “The first half of 2019 was an incredibly active, if from an exploration perspective, rather disappointing period for the Company as it safely completed the first two wells of its 2018/19 Eastern Morocco exploration campaign on budget but without having achieved commercial gas flow rates. The Company subsequently went on to initiate a process to explore monetisation options in respect of its Eastern Morocco portfolio. The Eastern Morocco portfolio marketing process is ongoing and the Board continues to expect the marketing process to conclude prior to the end of 2019“.