LONDON (Alliance News) - Gas company Sound Energy PLC on Monday said the preliminary petrophysical analysis at the first Tendrara well offshore Morocco showed results ahead of expectations.
Sound Energy said the analysis confirmed the presence of a number of gas-bearing levels and a total net pay of 28 metres in the TAGI reservoir, which was ahead of initial expectations.
Sound Energy has now applied for the first complementary period under licence terms in anticipation of drilling at the second well at Tendrara.
Meanwhile, Sound Energy added that it has exercised its option to acquire a 55% interest in the Meridja exploration permit onshore Morocco from Oil & Gas Investment Fund SAS, for USD100,000.
The Meridja licence area is adjacent to the Tendrara licence and is a "highly prospective 9,000 km2 area with the same fundamental geology as Tendrara", according to Sound Energy.
"The company continues to pursue its counter-cyclical growth strategy and to evaluate selective opportunities to complement its existing portfolio," Sound Energy said in a statement.
Shares in Sound Energy were trading up 3.4% at 16.93 pence on Monday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
Sound Energy (SOU)