Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Looksing good on the Schlumberger side , as we still have them as partners..... must see something worth staying for !! Gla
Just need the bond issue sorted and il be a happy man.... Good work Mo.
all falling into place one piece at a time.
Far more positive times now. Another good RNS which takes Sound in the right direction for now becoming a major player in producing and exploring for gas in Morocco. Much more confidence here now which is likely to show in the share price over the forthcoming months. On top of this, a successful outcome/conclusion following the recent HOT will mean a significant re-rate of this share IMO. Just what long term holders need and amazing news for recent investors here.
Morning All, nice to see the new Board working. Long may it continue. Let’s have a slow steady rise from here and avoid the P&D’ers.
I agree.
Why is the Paleozoic never a target though?
I think we will get a similar extension on Sidi.
Looks like there are plenty of benefits of having Mo in charge.
2nd bit
Optional second complimentary period of a further 2 years and 6 months: A further single exploration well with Triassic objective.
The amended work programme commitments under the Permit are now as follows:
-- Initial period of 4 years and 4 months from 31 August 2017 (the "Initial Period"): FTG-aerogradiometry and 600 kilometres of 2D seismic and 1 exploration well with Triassic objective (to be scheduled in 2021).
-- Optional first complimentary period of a further 2 years and 6 months (from 31 December 2021): if the results of the drilling of the exploration well drilled in the Initial Period are likely to constitute a commercially exploitable discovery, the Company will acquire 150 km2 of 3D seismic or its equivalent in 2D seismic data. If the results of the exploration well drilled in the Initial Period are not likely to constitute a commercially exploitable discovery, the Company will undertake further geological and geophysical studies but will not be required to acquire this additional seismic.
-- Optional Second complimentary period of a final 2 years and 6 months: A further single exploration well with Triassic objective.
The effective date of the Permit remains the same. The Company clarifies that the commitment to acquire FTG-aerogradiometry and 600 kilometres of 2D seismic has already been fulfilled and approved as such by ONHYM. The Company holds an operated 47.5% interest in the Permit, with the remainder held by joint venture partners Schlumberger with a 27.5% share and ONHYM with a 25% share.
Mohammed Seghiri, Sound Energy's COO, commented:
"Despite the challenges caused by the COVID-19 restrictions, I am delighted to have re-aligned our committed exploration work programme at the Anoual Exploration Permit in Eastern Morocco so it dovetails more efficiently with the proposed phasing of our Phase 1 Development Plan at the Tendrara Production Concession in a manner that underscores both our confidence in the potential of the basin as a future significant gas producing province and our ability to deploy capital judiciously across the portfolio."
Sound Energy PLC Eastern Morocco Update: Anoual Exploration Permit
06/07/2020 7:00am
UK Regulatory (RNS & others)
Sound Energy (LSE:SOU)
Intraday Stock Chart
Monday 6 July 2020
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TIDMSOU
RNS Number : 0556S
Sound Energy PLC
06 July 2020
6 July 2020
Sound Energy plc
("Sound Energy" or the "Company")
Eastern Morocco Update: Anoual Exploration Permit
Sound Energy, the Moroccan focused upstream gas company, is pleased to announce that it has, together with its licence partners, successfully concluded a re-negotiation of the terms of its Anoual Exploration Permits (the "Permit') with Morocco's National Office of Hydrocarbons and Mines ("ONHYM") which aligns the work programme commitments on the Permit and the Company's continued pursuit to unlock the exploration potential of the Eastern Morocco basin, with the expected phasing of the Company's recently announced Tendrara Production Concession Phase 1 development plan.
The Permit, which became effective on 31 August 2017 and covers an area of some 8,873 square kilometres has a duration of 8 years and, as with all Moroccan exploration permits, is divided into 3 phases with each phase having pre-agreed work commitments. The original work commitments under the Permit were:
-- Initial period of 3 years expiring on 31 August 2020: FTG-aerogradiometry, 600 kilometres of 2D seismic and 150 square kilometres of 3D seismic.
-- Subsequent optional first complimentary period of 2 years and 6 months: 1 exploration well with Triassic objective.
-- Optional second complimentary period of a further 2 years and 6 months: A further single exploration well with Triassic objective.
The amended work programme commitments under the Permit are now as follows:
-- Initial period of 4 years and 4 months from 31 August 2017 (the "Initial Period"): FTG-aerogradiometry and 600 kilometres of 2D seismic and 1 exploration well with Triassic objective (to be scheduled in 2021).
-- Optional first complimentary period of a further 2 years and 6 months (from 31 December 2021): if the results of the drilling of the exploration well drilled in the Initial Period are likely to constitute a commercially exploitable discovery, the Company will acquire 150 km2 of 3D seismic or its equivalent in 2D seismic data. If the results of the exploration well drilled in the Initial Period are not likely to constitute a commercially exploitable discovery, the Company will undertake further geological and geophysical studies but will not be required to acquire this additional seismic.
-- Optional Second complimentary period of a final 2 years and 6 months: A further single exploration well with Triassic objective.
The effective date of the Permit remains the same. The Company clarifies that the commitment to acquire FTG-aerogradiometry and 600 kilometres of 2D seismic has already been fulfilled and approved as such by ONHYM. The Company holds an operat