Last checked at 4 Jun 2018 07:00
4 June 2018
Sound Energy PLC
("Sound Energy" or the "Company")
Final Competent Person's Report: A1 Prospect (TE-9)
Sound Energy, the Moroccan focused upstream gas company, is pleased to confirm that it has now received the final Competent Person's Report ("CPR") in relation to the A1 prospect in the Company's Tendrara-Lakbir permit, Eastern Morocco. The CPR is entirely consistent with, and confirms, the preliminary CPR results previously announced by the Company on 26 April 2018.
The CPR was conducted by RPS Energy Consultants Ltd ("RPS") and is the first in a series of CPRs planned across the Company's Eastern Morocco acreage following the acquisition of new 2D seismic. This CPR is compliant with the latest SPE Petroleum Resources Management System ("PRMS") approved definitions of Reserves and Resources.
The table below summarises the final results of the CPR evaluated by RPS for the A1 prospect:
Prospect | Undiscovered Gas Originally In Place (Bcf) | Prospective Resources (Bcf) | Chance of Success (%) | ||||
Gross (100%) basis | Gross (100%) basis | ||||||
Low | Mid | High | Low | Mid | High | ||
A1 TAGI reservoir (excluding Palaeozoic) | 278 | 624 | 1254 | 142 | 335 | 712 | 25 |
The first well on the prospect (TE-9), is intended to drill both the TAGI as the primary target and potentially similar scale volumes in the underlying Palaeozoic as the secondary target. The scope of the CPR was designed to only cover the Triassic TAGI reservoir and any future volume estimates for the deeper Palaeozoic prospectivity will be the subject of separate review; any identified volumes will need to be added to the Triassic TAGI reservoir volumes described above.
The Company plans to further de-risk the prospect through geophysical and geological analysis utilising data acquired from additional seismic processing. Following sufficient de-risking through this analytical process, the Company intends to secure partner approvals and then commence ground works.
James Parsons, Sound Energy's CEO, commented:
"I am delighted to report that Sound Energy is now poised to enter a period of intensive newsflow as we de-risk the development of our existing discovery and finalise preparations for the exploration drill programme.
Success at TE-9, our planned first well, could unlock significant value for Sound and our partners, reduce the risk on nearby leads, and increase further our overall confidence in the broader TAGI Structural Play trend. "
This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
For further information please contact:
Vigo Communications - PR Adviser Patrick d'Ancona Chris McMahon Kate Rogucheva
| Tel: +44 (0)20 7830 9700 | |
Sound Energy James Parsons, Chief Executive Officer
| j.parsons@soundenergyplc.com
| |
Smith & Williamson - Nominated Adviser Azhic Basirov David Jones Ben Jeynes
| Tel: +44 (0)20 7131 4000 | |
RBC - Joint Broker Matthew Coakes Martin Copeland Laura White
| Tel: +44 (0)20 7653 4000 | |
Macquarie Capital (Europe) Limited - Joint Broker Alex Reynolds Nick Stamp | Tel: +44 (0)20 3031 2000
| |
The information contained in this announcement has been reviewed by Sound Energy's Exploration Director, Brian Mitchener, a chartered petroleum geologist.
Bcf means billion standard cubic feet of natural gas. Best case, high case and low case estimates are consistent with SPE (The Society of Petroleum Engineers) PRMS guidelines.
RPS Group PLC (www.rpsgroup.com) is a global consultancy providing a range of services, including geological, geophysical and petroleum engineering services to the oil and gas industry. The inplace and prospective resource estimates within this announcement have been provided by RPS Group PLC.
Resources are all quantities of petroleum (recoverable and unrecoverable) naturally occurring on or within the Earth's crust, discovered and undiscovered, plus those quantities already produced. Prospective resources are those quantities of petroleum which are estimated, as of a given date, to be potentially recoverable from undiscovered accumulations. Not relevant to the gas originally in place range presented.