LONDON (Alliance News) - Sound Energy PLC on Thursday said a report on its A1 prospect in Morocco "largely" confirms its previous gas originally in place estimates.
The A1 prospect is located on Sound's Tendrara-Lakbir permit in eastern Morocco, and the competent person's report was compiled by RPS Energy Consultants Ltd. It is the first, Sound added, in a series planned across its acreage in the region.
In early February, Sound gave preliminary gas originally in place estimates at 400 billion cubic feet in the low case, 700 billion cubic feet in the mid case, and 1.2 trillion cubic feet in the high case.
The new report gives as a low case 278 billion cubic feet of gas, as a mid case 624 billion cubic feet, the high 1.25 trillion cubic feet. Overall, the mean gas originally in place estimate stands at 712 billion cubic feet.
The report gives a change of success, Sound said, of 25%.
Sound said the estimates cover the triassic TAGI reservoir on A1, and have any future volume estimates for the deeper paleozoic prospectivity would need to be added to TAGI.
The first well at A1, TE9, is planned to target both the triassic and paleozoic reservoirs. Further work may de-risk the first well and it said the chance of success may be boosted by favourable results from seismic data processing and geological studies.
Shares were down 5.8% on Thursday morning at 41.90 pence each.