Independent oil and gas company PetroMaroc is looking for strategic and financial alternatives with the objective of maximising shareholder value in the Kechoula structure on Sidi Moktar Exploration Licence in Morocco To date, PetroMaroc has invested about US$50mn on exploration, composed of geological, geophysical, drilling and evaluation work in Morocco. CEO of PetroMaroc Tom Feuchtwanger said, “Our recently updated independent evaluation of the undiscovered petroleum initially-in-place and the prospective resource has defined the strong prospectivity and a path towards the commercial development of Kechoula.” The independent evaluation by GLJ Petroleum Consultants had earlier confirmed PetroMaroc’s geological and geophysical model for the Lower Liassic reservoir of the Kechoula structure. At 81 per cent probability, the Lower Liassic clastic reservoir is filled to spill point and reported to hold a prospective resource of gross lease unrisked undiscovered petroleum initially-in-place of 11.1bn cu/m (mean estimate).
Two wells have already been drilled at Kechoula and a near term extended well test is awaited prior to expected commercial production.
Kechoula has an estimated unrisked 293 Bscf of gas with an further 1 Trn cf potentially.
Additional details of the Proposed Transaction will be disclosed if and when a definitive agreement is executed by the parties. There can be no assurance that due diligence will be satisfactory, that a definitive agreement will be entered into, that the required third parties’ consents and applicable regulatory and shareholder approvals will be obtained and that the Proposed Transaction will be ultimately consummated.
"Sidi Moktar is the second material asset in our onshore Moroccan portfolio and secures a 25% interest in an already successfully drilled gas discovery with potential near term production, significant deeper exploration potential and in which we are carried to first gas.
Operator status at Sidi Moktar unlocks this asset whilst also granting Sound control over the pace and scale of operations.
Sound Energy can now proceed to dovetail operations at Sidi Moktar with those planned at Tendrara - with the potential for material production from Sidi Moktar during 2016."
Ducati, I have been looking at that Fastnet link you posted. I don't think I have seen that one before. It will prove very interesting if SBK-1 is indeed down-dip from TE5 & interconnected. If TE6- & 7 & the TE-5 workover are successful it might be tempting to keep the drill & move it down south to the SBK-1 area, instead of relocating the action to Sidi Moktar - but then again the chance of early production at Sidi is probably the best economic sequence........the rest of Tendrara can wait once we have proved it up.
ademcg, good post. Funny enough whenever I mention Sound Energy my wife says 'you talk about it as if it were yours': I reply it is by virtue of the shares we hold........we are part owners. We are all part owners & we all want Sound Energy to do well.
You mention RRL. What's happened to them? They have cash & good assets down Trinidad way but I guess the price of crude has knocked their projections for six. But even so are they still slightly undervalued? I sold mine years ago for about 9p, having doubled my money. But I could have sold for over 20p. That was the heyday or high-water mark of Range Resources share price. I wonder if they will ultimately survive & flourish in this depressed market.....
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