Blencowe Resources: Aspiring to become one of the largest graphite producers in the world. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksSound Energy Regulatory News (SOU)

Share Price Information for Sound Energy (SOU)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 0.86
Bid: 0.75
Ask: 0.834
Change: -0.024 (-2.94%)
Spread: 0.084 (11.20%)
Open: 0.752
High: 0.86
Low: 0.752
Prev. Close: 0.816
SOU Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Update re Exploration Permits

20 Oct 2022 13:20

RNS Number : 5868D
Sound Energy PLC
20 October 2022
 

20 October 2022

 

Sound Energy plc

("Sound Energy", the "Company" and together with its subsidiary undertakings the "Group")

 

Update re Exploration Permits: Sidi Moktar and Grand Tendrara

 

 

Sound Energy, the transition energy company, provides an update regarding its exploration permits at Sidi Moktar and Grand Tendrara.

Sidi Moktar exploration permits

The Sidi Moktar exploration permits cover approximately 4,712 square kilometres in Southern Morocco with an initial period, as previously extended, of 4 years and 6 months (the "Initial Period") within the total duration of 10 years commencing on or about 9 April 2018. The prior extension to the Initial Period was announced by the Company on 13 October 2020, when it was confirmed that the Sidi Moktar permit Initial Period had been extended by 24-months such that the Initial Period, as extended, was to end by 9 October 2022 (the "Amendment"). The Amendment resulted from the Company and Morocco's Office National des Hydrocarbures et des Mines ("ONHYM") declaring an event of force majeure during the Initial Period due to continued disruption caused by the impact of the COVID-19 pandemic.

Notwithstanding the Initial Period having ended prior to the work commitments thereunder having been completed, the Company has been and remains in regular dialogue with the regulatory authorities and ONHYM in order that the Company may reach a solution to complete the committed work programme following the ending of the Initial Period and progress the exploration of this highly prospective basin. The work commitments for the Initial Period of the Sidi Moktar permits remain to acquire and process 500 kilometres of 2D seismic, a short well test of the Koba-1 well and abandonment of Koba-1 and Kamar-1, if required.

Grand Tendrara exploration permits

 

The Grand Tendrara exploration permits cover approximately 14,411 square kilometres in Eastern Morocco and, following completion of the initial period of 4 years within the total duration of 8 years commencing on or about 1 October 2018, the Company reports that it has submitted, having completed the necessary work commitments during the Grand Tendrara initial period, an application to ONHYM to enter the optional first extension period consisting of 2 years. 

The work commitment for the first extension period comprises the drilling one exploration well with a Triassic objective. The Company expects to fulfil this commitment by the planned subsalt drilling opportunities within the Trias Argilo-Gréseux Inférieur ("TAGI") gas reservoir as announced by the Company on 9 August 2022. The TAGI is the proven reservoir of the TE-5 Horst gas accumulation within the Tendrara Production Concession currently under development. On entry to the first extension period the company is required to relinquish a portion of the permitted acreage. The currently proposed retained area includes all Company recognised prospectivity.

The Company confirms that the commitment to drill two exploration wells with Triassic objectives during the Grand Tendrara initial period were historically fulfilled, and approved by ONHYM as such, by the drilling of TE-9 and TE-10. The Company has therefore been able to make application for the first extension period of the Grand Tendrara exploration permits.

Both the Sidi Moktar and Grand Tendrara permits are subject to an active and constructive dialogue with ONHYM and the Ministry of Energy Transition and Sustainable Development. Further announcements will be made, as appropriate, in due course.

 

 

 

Commenting, Graham Lyon (Executive Chairman) said:

 

"Our ongoing licence activities at both the Sidi Moktar and Grand Tendrara permits are subject to an active and constructive dialogue with ONHYM and the Ministry of Energy Transition and Sustainable Development, however, principally due to Covid -19, the last couple of years has restricted active licence activity that can be safely and efficiently undertaken in country either for onshore exploration geophysical surveying activities given significant crew numbers required and also limited the ability to drill given the over pressured nature of the subsalt TAGI reservoir with its inherent need for significant and uninterrupted support services. Having submitted our intentions to ONHYM to meet our licence commitments, we are continuing a constructive dialogue with respect to both these permits. Independently of these discussions, we also continue to actively advance our fully funded microLNG project whilst also separately making progress on Pre-FID activities for our major pipeline development project at Tendrara".

 

 

For further information please contact:

 

 

Vigo Communications - PR Adviser

Patrick d'Ancona

Finlay Thomson

 

 

Tel: +44 (0)20 7390 0230

Sound Energy

Graham Lyon, Executive Chairman 

chairman@soundenergyplc.com

 

 

Cenkos Securities - Nominated Adviser

Ben Jeynes

Peter Lynch

 

Tel: +44 (0)20 7397 8900

SP Angel Corporate Finance LLP

Richard Hail

Tel: +44 (0)20 3470 0470

 

 

 

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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCLBLFLLBLFFBK
Date   Source Headline
12th Apr 20176:07 pmRNSAnnual Report and Notice of AGM
10th Apr 20177:00 amRNSBadile: Third Casing Point
3rd Apr 20173:00 pmRNSTotal Voting Rights
29th Mar 201712:16 pmRNSDirector/PDMR Shareholding
29th Mar 201712:15 pmRNSDirector/PDMR Shareholding
28th Mar 20177:00 amRNSPreliminary Results
28th Mar 20177:00 amRNSTendrara: TE-8 Results
23rd Mar 20177:00 amRNSBadile: Second Casing Point
23rd Mar 20177:00 amRNSTendrara: TE-8 - Completion of Drilling
15th Mar 20173:02 pmRNSResult of General Meeting
15th Mar 20177:00 amRNSGeneral Meeting Operational Update: TE8 and Badile
14th Mar 20177:00 amRNSBadile: First Casing Point
10th Mar 20177:00 amRNSTendrara: TE-8 Final Casing Point
8th Mar 20177:00 amRNSBadile: Drilling Commences
2nd Mar 20177:00 amRNSTendrara: TE-8 Second Casing Point
1st Mar 20172:30 pmRNSTotal Voting Rights
24th Feb 20177:00 amRNSTendrara: TE-8 First Casing Point
21st Feb 201710:25 amRNSPosting of Circular and Notice of General Meeting
21st Feb 20179:22 amRNSDirector/PDMR Shareholding
20th Feb 20177:00 amRNSTendrara: TE-8 Drilling Commences
20th Feb 20177:00 amRNSProposed Acquisition Update
13th Feb 20177:00 amRNSRedemption of Loan and Exercise of Warrants
7th Feb 20175:54 pmRNSBadile Rig Contract: Payment Using Equity
7th Feb 20173:55 pmRNSDirector/PDMR Shareholding
7th Feb 20177:00 amRNSTE-8 Rig Mobilisation
1st Feb 20175:20 pmRNSTotal Voting Rights
1st Feb 20173:50 pmRNSChange of Broker
1st Feb 20172:54 pmRNSPreliminary Volume Estimates and Work Programme
19th Jan 20177:20 amRNSProposed Acquisition of OGIF Interests
19th Jan 20177:00 amRNSSuccessful TE-7 Extended Well Test
19th Jan 20177:00 amRNSTE-8: Commencement of Civil Works
5th Jan 20177:00 amRNSBadile Update and Rig Mobilisation
30th Dec 20163:00 pmRNSTotal Voting Rights
23rd Dec 201612:33 pmRNSDirector/PDMR Shareholding
19th Dec 20167:00 amRNSDirector/PDMR Shareholding and Block Admission
16th Dec 20163:26 pmRNSDirector/PDMR Shareholding
16th Dec 201612:18 pmRNSDirector/PDMR Shareholding
15th Dec 20167:00 amRNSTendrara: TE7 Bottom Hole Pressure & TE8 Location
12th Dec 20167:00 amRNSSidi Moktar: Receipt of Regulatory Approvals
30th Nov 20163:00 pmRNSTotal Voting Rights
29th Nov 20167:00 amRNSBadile: Rig Contract Signature
25th Nov 20167:00 amRNSSuccessful £26.9 million Fundraising at Market
24th Nov 20164:30 pmRNSDirector/PDMR Shareholding
24th Nov 20167:13 amRNSUnderwritten Offers to Raise £24.1 million
24th Nov 20167:00 amRNSTendrara: TE-7 Post Stimulation Flow Rate
15th Nov 20169:11 amRNSInclusion in MSCI Small Cap Index
2nd Nov 20167:00 amRNSTendrara: TE-7 Pre Stimulation Flow Rate
31st Oct 20165:43 pmRNSTotal Voting Rights and Executive Appointment
13th Oct 20166:11 pmRNSExercise of Options and Issue of Equity
11th Oct 20167:00 amRNSDirector/PDMR Shareholding

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.