Last checked at 15 Dec 2016 07:00
15 December 2016
Sound Energy plc
("Sound Energy" or the "Company")
Tendrara : TE-7 Bottom Hole Pressure and TE-8 Location
Sound Energy, the African and European focused upstream gas company, is pleased to provide an update on the Company's Tendrara licence, onshore Morocco.
Further to the Company's announcement of 24 November 2016, the Company has retrieved the TE-7 bottom hole memory gauges following the open hole well test and can confirm that the reservoir pressure correlates with the gas gradient recorded at all previous wells on the structure.
The Company also confirms that the TE-8 vertical and side-track locations have been finalized some 12 kilometres to the Northeast of TE-7, subject only to consent of the Company's partners. TE-8, the first outpost well at Tendrara, is expected to spud in February 2017 and will drill both the TAGI and the Palaeozoic horizons. The Company's current internal estimates are that success at TE-8 would establish best estimate original gas in place at Tendrara of upto 1.5 Tcf gross. Prior to the drilling of TE-8, the Company internally estimates best estimate original gas in place volume of between 0.3 Tcf and 0.5 Tcf gross. Sound Energy, with its 27.5% interest in the Tendrara licence, intends to commission a Competent Persons Report on Tendrara following TE-8, which will confirm the contingent resources based on the field development plan.
The extended well test at TE-7 is ongoing and is expected to confirm production sustainability and aid field development planning.
This announcement is inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information please contact:
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 |
The information contained in this announcement has been reviewed by Sound Energy's Moroccan Managing Director, Luca Madeddu, a qualified petroleum geologist. The Company's internal estimates are made in accordance with SPE standards.
Tcf means trillion cubic feet of gas; original gas in place refers to the total natural gas in a reservoir; and contingent resources are those quantities of petroleum which are estimated, as of a given date, to be potentially recoverable from known accumulations.