Member Info for partridge

Can't help thinking that the last RNS marked the beginning of the revealing of the true extent of the Palaezoic around Tendrara. To find a "new large Palaeozoic structure to the North West of the structural-stratigraphic play" so close to the main area of interest suggests up until now the Palaezoic has remained relatively hidden. With the new confidence in the new seismic can it be expected that there is much more to come in the Palaezoic over the whole of eastern Morocco.

Excellent report. Did they explain why the name Veyron (zone)?

Looking back at the recent RNS the important aspect of the " new large Palaeozoic structure " is not who discovered it and when but the fact that it is " new " to Sound energy. I take this to mean that it has not yet been included in the most recent basin model of 34Tcf. The palaeozoic represents 12.8 Tcf of that figure. If, as the RNS informs us, this " could be the largest prospect within the entire basin " then the 12.8 Tcf could be increased by 5Tcf+ ( compare to Te10) seeing the new basin model approach 40Tcf.

and requires further reading. I notice the Palaeozoic oil play at Anoual has been upgraded from potentially significant (RNS dated 8th June 2018) to significant in today's RNS. Perhaps there is further information to come from Anoual.

I thought "seismics" for Te10 were in place at the time of the FSC statement. Still a little confused by the change.

I am a little confused that the paleozoic is to be drilled at Te10. From the May FSC :

" The NE Lakbir is a massive structure in the Tagi but your presentation schematic does not show a massive equivalent in the paleozoic. Is there or would there be a corresponding equivalent structure do you know of think?


Brian Mitchener (Exploration Director)

There is a dislocation between the TAGI and Paleozoic structuration at this location, so you cannot just drill a deeper well ".

Why the change?

I may be wrong but I think that concrete block with a metal spike in it has given birth to at least five offspring.

I seem to remember a call option has intrinsic value and a time value. Sound shares appear to have limitless time value with no expiration date. Perhaps the shares have an eighteen months rolling option.

Thanks for the reply. I expect production costs are much lower for onshore wells so 300bcf is tremendous.

https://www.epmag.com/oil-majors-focus-deep-water-pays-1710831

"Some of the gas finds are above 1 Tcf per development well, so their break-evens are even lower". How do Sounds wells in Tendrara compare?

Mr Parsons has been open about his reasons for selling shares. It seems some people raise the subject again when it suits their purpose. The next three wells are on the cusp of being drilled. If Mr Parsons thought they were going to be unsuccessful he would drill elsewhere not sell shares. It will all about the drill bit.

Just heard some fool put a metal spike in the ground and the truck has a puncture. The spare tyre is in Italy.

The paleo at Te10 is poor:

"The NE Lakbir is a massive structure in the Tagi but your presentation schematic does not show a massive equivalent in the paleozoic. Is there or would there be a corresponding equivalent structure do you know of think?


Brian Mitchener (Exploration Director)

There is a dislocation between the TAGI and Paleozoic structuration at this location, so you cannot just drill a deeper well"

From last FSC

Looks like they have just been beamed down to an arid planet from the starship Enterprise. Does Brian not know it is the security guard in red who always gets killed first?

If Sound had sent these three out into the desert originally they would have seen the drill location spike and prevented all the dawdling over seismic.

Thanks for the reply. That clears things up.

Just watched the Norwich video. About 1hr40min into the video JJ answers a question about the value of 1TCF to Sound. He says that 1TCF is worth £1.50 net to Sound based on a natural gas price of $8 (ie mid $7-9 range). He then goes on to speak about the discount rate being 10% and there being a sensitivity around that such that +- 2% change in the discount rate is worth +- 20% to Sound.

I have never seen any mention of the discount rate on LSE. Will the discount rate he part of a GSA RNS? It appears intimately linked to the $8 per scuff. Anyone with any information?

I know the company thinks there might be oil in Anoual but what is the "Anoual petroleum agreement" mentioned in the RNS?

Schlumberger announce 2Q 2018 results today:

"WesternGeco received a direct award from Sound Energy for a 2,700-km 2D survey using UniQ* land seismic acquisition platform technology over the Meridja and Tendrara Fields in Morocco. The project includes electromagnetics, magnetotellurics, surface wave joint inversion, and data processing methods—all conducted in the Schlumberger Integrated EM Center of Excellence".

http://www.eleconomista.es/empresas-finanzas/noticias/9285996/07/18/Schlumberger-Announces-SecondQuarter-2018-Results.html

"when can we expect rig mobilisation?"


James Parsons (Chief Executive)

"I am pleased to report that I expect ground works at TE9 to start in the next two weeks or so. We also expect the webcam to be live within the same timeframe. Once ground works are complete we will mobilise the rig (about 23 days travel time) then testing. Then we are game on for spud".

I think the "or so" is the relevant phrase. No delay yet or so it would seem.