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LONDON (Alliance News) - Upstream gas company Sound Energy PLC said Wednesday it has made an early estimate of the exploration potential of its Tendrara and Merdija permit areas in Morocco.
Sound Energy said its internally estimated volume for the two sites is 17 trillion cubic feet of mid-case unrisked original gas in place. The low case is 9 trillion cubic feet, with an upside case of 31 trillion cubic feet.
Shares in Sound Energy were up 7.3% at 77.75 pence Wednesday following the announcement.
The volume estimates are derived from a preliminary basin modelling study from an independent consultant, said Sound Energy.
However, Sound Energy warned it has only completed the first two wells at the projects, which have established an estimated 300 to 500 billion standard cubic feet of gas. Further exploration activity will be required to substantiate the volume estimate.
The next step in Sound Energy's Moroccan work programme will be the drilling of its TE-8 step-out well at the Tendrara field.
Once TE-8 is completed, Sound will embark on a competent persons report that will confirm the contingent resources based on the field development plan.
By Adam Clark; adamclark@alliancenews.com
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