Sound Makes 1H Profit

UK-based Moroccan gas explorer Sound Energy September 13 reported a first-half £4.68bn ($6.1mn) net profit, compared with a loss of £19.21mn in 1H 2017. Foreign currency gains made up £2.87mn of the profit.

CEO James Parsons said: “Our priority so far this year has been the de-risking in eastern Morocco of both our existing discovery and our significant exploration potential. The company is now ready for this next, potentially transformational, period of exploration drilling."

During the period, Sound completed its exit from Italy, receiving consideration in the form of shares in Coro Energy which it distributed directly to Sound shareholders.

The Moroccan energy ministry this month awarded Sound the production concession for its Tendrara gas discovery in eastern Morocco. The company says its focus now is on signing a gas sales agreement so that it can take project sanction.