Sound Energy Share News (SOU)

(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 hole well test, and can confirm that the reservoir pressure correlates with the gas gradient recorded at all previous wells on the structure.It also confirmed that the TE-8 vertical and side-track locations have been finalized some 12 kilometres to the Northeast of TE-7, subject only to consent of the company's partners."TE-8, the first outpost well at Tendrara, is expected to spud in February 2017 and will drill both the TAGI and the Palaeozoic horizons," Sound's board said in a statement."The company's current internal estimates are that success at TE-8 would establish best estimate original gas in place at Tendrara of upto 1.5 Tcf gross."Prior to the drilling of TE-8, the company said its internal best estimate of original gas in place volume is between 0.3 Tcf and 0.5 Tcf gross.Sound Energy, with its 27.5% interest in the Tendrara licence, intends to commission a competent person's report on Tendrara following TE-8, which will confirm the contingent resources based on the field development plan."The extended well test at TE-7 is ongoing and is expected to confirm production sustainability and aid field development planning."