Last checked at 25 Mar 2019 07:00
25 March 2019
Sound Energy plc
("Sound Energy" or the "Company")
Tendrara: Update on TE-7 Connected Gas Volume
Sound Energy, the Moroccan focused upstream gas company, is pleased to provide a further update on the TE-7 well reservoir pressure, following the latest retrieval of the pressure gauge data. The measured pressure data provides further information on the extent and quality of the reservoir at TE-7 and provides additional confidence for the development plan of the Company's existing TE-5 Horst discovery, which remains subject to Final Investment Decision.
The latest pressure measurements reveal a current reservoir pressure of 413.4 bara at the TE-7 well location with the pressure continuing to increase towards the original reservoir pressure of 422.6 bara confirmed by the Company on 19 July 2017. The period of pressure monitoring has been extended to observe this continued pressure increase and will continue. The pressure build-up trend is important information as it allows the Company to estimate the connected volume of in place gas ("GOIP") accessible by the TE-7 well.
Analysis of the pressures measured in the well recorded over time has led to an increase in the Company's estimate of connected GOIP around TE-7 to a volume exceeding 115 Bscf. Historical analysis of the pressure trend, announced on 19 July 2017, had previously shown that the volume of connected GOIP around TE-7 exceeded 40 Bscf.
The significant increase in the Company's estimates of minimum GOIP connected to the TE-7 well provides support for the Company's field development plan consisting of a number of horizontal stimulated production wells spaced to optimise recovery.
For further information please contact:
Vigo Communications - PR Adviser Patrick d'Ancona Chris McMahon
| Tel: +44 (0)20 7390 0230 |
Sound Energy James Parsons, Chief Executive Officer JJ Traynor, Chief Financial Officer | questions@soundenergyplc.com
|
Cenkos Securities - Nominated Adviser Azhic Basirov David Jones Ben Jeynes
| Tel: +44 (0)20 7397 8900 |
RBC - Joint Broker Matthew Coakes Martin Copeland
| 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. Bscf means billion standard cubic feet of gas.
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.