20 Jun 2016 07:00
20 June 2016
Â
Sound Energy plc
("Sound Energy" or the "Company")
Â
Tendrara and Meridja Update
Â
Sound Energy, the European / Mediterranean focused upstream gas company, is pleased to provide the following update.
Â
Tendrara
Â
The processing of the logs while drilling and wire line logs at the first Tendrara well has now been completed. The preliminary petrophysical analysis confirms the presence of a number of gas bearing levels and a total net pay of 28 metres in the TAGI reservoir. This is ahead of initial expectations.
Â
A further announcement will be made following the completion of operations and when the results of the well test are confirmed.
Â
In anticipation of drilling of the second well at Tendrara, the Company has now applied for the first complementary period under the licence terms. This period triggers a commitment to a second well.
Â
Meridja
Â
The Company is also pleased to announce that it has now exercised its option to acquire, subject to regulatory and other approvals, a 55% participating interest in the Meridja exploration permit, onshore Morocco, from Oil & Gas Investment Fund S.A.S. (the "Option"). The consideration payable and the other terms of the Option were announced by the Company on 8 February 2016.
Â
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.
Â
The Company continues to pursue its counter-cyclical growth strategy and to evaluate selective opportunities to complement its existing portfolio.
Â
Â
For further information please contact:
Â
Vigo Communications - PR Adviser Patrick d'Ancona Chris McMahon Alexandra Roper  | 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 |
Cantor Fitzgerald Europe - Broker Sarah Wharry David Porter  | Tel: +44 (0)20 7894 8896 |
Â
The information contained in this announcement has been reviewed by Sound Energy's Moroccan Managing Director, Luca Madeddu, a qualified petroleum geologist.
Â
Â
Â