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Tendrara Update

11 Jul 2016 07:00

RNS Number : 7454D
Sound Energy PLC
11 July 2016
 

11 July 2016

 

Sound Energy plc

("Sound Energy" or the "Company")

 

 

Tendrara Update

 

 

Sound Energy, the European / Mediterranean focused upstream gas company is pleased to provide the following update in relation to the Company's Tendrara licence area, onshore Morocco.

 

As announced by the Company on 6 June 2016, the first Tendrara well (TE-6) was drilled to a measured vertical depth of 2,665 metres and encountered approximately 28 metres of net gas pay in the TAGI reservoir.

 

The Company confirms that rigless operations continue and that the results are already significantly above Company expectations as a significant stable flow has already been achieved, despite only having accessed so far 18% of the total reservoir and no stimulation having yet been performed.

 

After completing the initial perforation of 5 metres of the 28 metres of net pay (between 2,601 and 2,606 metres) the well achieved a stable flow rate of 1.36 MMscf/d with a choke of 16/64".

 

The Company will now complete the remainder of the rigless operation, after which the results will be announced. The results are expected later this month.

 

James Parsons, Sound Energy's Chief Executive Officer, commented:

 

"I am absolutely delighted to report what appears to be an early and potentially very material success at the first of our three Strategic Plays.

We eagerly await the post stimulation flow rate but I believe the early results of this first well already both prove a material commercial rate at Tendrara and provide significant early clues as to the regional potential of the Eastern Morocco TAGI reservoir."

 

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

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. MMscf/d means million standard cubic feet of gas per day.

 

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCURVVRNUABAAR
Date   Source Headline
24th Mar 20163:01 pmRNSIssue of Options and Director's Dealing
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26th Feb 201611:30 amRNSChange of Registered Office
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15th Feb 20167:00 amRNSTendrara Update
9th Feb 20167:00 amRNSNervesa Production Update
8th Feb 20167:00 amRNSOption to Acquire Meridja Area
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3rd Feb 20163:03 pmRNSBadile Update
29th Jan 20163:00 pmRNSTotal Voting Rights
26th Jan 20167:00 amRNSHeads of Terms: Further Sidi Moktar Acquisition
14th Jan 20167:00 amRNSAcquisition of Sidi Moktar
6th Jan 20167:00 amRNSPortfolio Update
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16th Dec 20157:00 amRNSTendrara: Completion of Farm In
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22nd Oct 20157:00 amRNSHeads of Terms: Sidi Moktar Acquisition
21st Oct 20157:00 amRNSStrategic Collaboration and Tendrara Term Sheet
1st Oct 20157:00 amRNSChange of Name
30th Sep 20153:00 pmRNSTotal Voting Rights
30th Sep 20157:00 amRNSIssue of Options and Director's Dealing
28th Sep 20152:25 pmRNSDirector/PDMR Shareholding
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28th Sep 20157:00 amRNSDirectorate Change
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24th Sep 20157:00 amRNSHalf Yearly Report
8th Sep 20157:00 amRNSItaly: Portfolio Update
8th Sep 20157:00 amRNSMorocco Update: Tendrara Technical Evaluation
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6th Aug 20157:00 amRNSGas Sales Agreement with Shell Energy Italia
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29th Jul 20158:00 amRNSIssue of Equity
21st Jul 20158:31 amRNSIssue of Equity
17th Jul 20155:10 pmRNSWarrantholders Letter
17th Jul 20154:10 pmRNSIssue of Equity & Director's Dealings
16th Jul 20157:00 amRNSProduction Concession Award
3rd Jul 20155:38 pmRNSCompletion of Placing and Director Shareholding
30th Jun 20153:35 pmRNSResult of AGM, TVR and Update re Funding

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