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Don't have an account? Click here to register.Sound Energy brings Schlumberger directly onto Morocco portfolio
Mon, 23rd Jul 2018 15:00
(Sharecast News) - Morocco-focused upstream gas company Sound Energy announced on Monday that, following its initial success in eastern Morocco and in anticipation of the forthcoming drilling programme, the start of the process of converting the existing 27.5% synthetic interests held by an affiliate of Schlumberger Oilfield Holdings in the Tendrara Lakbir permits, the Anoual permits and the Matarka reconnaissance licence into 27.5% joint venture licence participating interests in the Eastern Morocco contract area.The AIM-traded firm said it would remain the operator of the Eastern Morocco portfolio.It said that, in accordance with Moroccan requirements, the conversion of Schlumberger's interests remained subject to the approval of the licence joint venture partners and the relevant Moroccan ministries.The company's interests in the Eastern Morocco portfolio consisted of an operated 47.5% participating interest, with the remaining interests in the portfolio held 27.5% by Schlumberger pursuant to an existing field management agreement entered into with Sound Energy, prior to the interest conversion now initiated, and 25% by Morocco's L'Office National des Hydrocarbures et des Mines.Sound Energy also confirmed that it entered into a revised field management agreement with Schlumberger, which re-confirmed the parties' "materially unchanged" working relationship post-conversion and their intention to continue to collaborate strategically across their interests in the Eastern Morocco portfolio, including in relation to the development of the existing Tendrara discovery and to the drilling at Tendrara, where Sound Energy and Schlumberger had now approved the first two defined wells, namely TE-9 and TE-10.Following the recent application for a development concession relating to the Tendrara gas discovery, Sound Energy and its licence joint venture partners reportedly intended to apply for a new eight-year petroleum agreement over the entire combined Eastern Morocco portfolio area, except the areas relating to the development concession and to the Anoual petroleum agreement, shortly."I am delighted to have begun the process of bringing Schlumberger directly onto the various licences in Eastern Morocco and look forward to further drilling success together," said Sound Energy chief executive officer James Parsons.
More News
22 Mar 2018 10:07
Sound Energy Loss Widens Amid Increased Activities In Morocco
LONDON (Alliance News) - Oil and gas company Sound Energy PLC on Thursday said pretax loss from continuing operations has widened due to the significant rise in administrative
Read more14 Mar 2018 12:59
Sound Energy Gets Court Consent For Share Premium Account Cancellation (ALLISS)
LONDON (Alliance News) - Sound Energy PLC said Wednesday the High Court in England & Wales has approved the cancellation of its a
Read more7 Mar 2018 09:29
Saffron Energy Share Subscription Fully Subscribed, Shares Re-Admitted (ALLISS)
LONDON (Alliance News) - Shares in Saffron Energy PLC were re-admitted to trading in London on Wednesday as it said a GBP13.4 million share
Read more7 Feb 2017 14:48
Sound Energy says drilling rig to arrive at Tendrara TE-8 soon
(ShareCast News) - Shares in Sound Energy are up more than 1% on stating ground works at the Tendrara TE-8 well site, onshore Morocco, are now complete and that the National 110 UE drilling rig will soon be on site. The Africa- and Europe-focused upstream gas company said rig-up operations were expe
Read more1 Feb 2017 15:56
Sound Energy eyes up to 31trn cubic feet of gas in Moroccan permits
(ShareCast News) - Sound Energy said an early estimate of its Tendrara and Meridja permit areas in Morocco put unrisked original gas in place of up to 31trn cubic feet (tcf), or 17tcf as a mid case. The AIM-listed company, which has a 27.5% interest in the Tendrara licence and an option to acquire a
Read more19 Jan 2017 08:40
Sound Energy to buy hydrocarbon assets in eastern Morocco
(ShareCast News) - Gas firm Sound Energy is to buy Oil & Gas Investment Fund's (OGIF) hydrocarbon assets in eastern Morocco in exchange for 272m shares in the company, subject to shareholder approval. The acquisition will see the company buy a further 20% stake in the Tendrara site taking its total
Read more5 Jan 2017 09:01
Sound Energy completes ground work at Badile
(ShareCast News) - Africa and Europe-focused upstream gas company Sound Energy updated the market on its Badile project on Thursday, confirming that ground works at the well site were now complete. The AIM-traded firm also said the conductor pipe was set last week, and the 3000 HP EMSCO C3 rig - own
Read more16 Dec 2016 16:21
Directors dealings: Sound Energy boss, non-exec pick up shares
(ShareCast News) - Sound Energy's boss, James Parsons, added to his stake in the Africa and Europe-focused upstream gas outfit. Parsons made off with 44,522 shares in the company at an indiviual price of 67.37p on 16 December, the company said in a statement. The total value of the transaction was
Read more16 Dec 2016 15:57
15 Dec 2016 09:16
Sound Energy makes more progress at Tendrara
(ShareCast News) - Africa and Europe-focused upstream gas company Sound Energy updated the market on its Tendrara licence, onshore Morocco, on Thursday. The AIM-traded firm said that, further to its announcement on 24 November, it has retrieved the TE-7 bottom hole memory gauges following the open h
Read more2 Nov 2016 16:00
Sound Energy reports better-than-expected flows at Tendrara
(ShareCast News) - Europe and Africa-focused upstream gas company Sound Energy updated the market on Wednesday in relation to TE-7, its second well at the Tendrara licence area, onshore Eastern Morocco. The AIM-traded firm had announced on 7 October that the well had been drilled to a total measured
Read more7 Oct 2016 08:24
Sound Energy drills new Tendrara hole to almost 3,500 metres
(ShareCast News) - Europe and Africa-focused upstream gas company Sound Energy announced on Friday that TE-7, the second well at its Tendrara licence, onshore Morocco, has now been successfully drilled to total measured depth of 3,459 metres corresponding to a vertical depth of 2,611 metres. The AIM
Read more