Ian Lyall
The data is starting to stack up for Sound, according to one follower of the company.
The company’s latest well flowed a lot higher rate than expected.
A City oil analysts and close follower of Sound Energy PLC(LON:SOU) described the latest well test on the company’s Morocco licence as “extremely promising”.
Earlier Sound said 8.8mln standard cubic feet of gas a day was produced from Tendrara-7.
“Prior to the first well, drilled some months back, the company had said anything over three-and-a-half million cubic feet per day would be commercial for them,” Cantor Fitzgerald’s Sam Wahab told Proactive Investors.
LISTEN: Andrew Scott speaks to Sam Wahab
“It should be noted this is unstimulated, so we are still at the very early stages of testing, but it all bodes well from here.”
Chief executive James Parsons reckons Tendrara had the potential to be a globally significant gas field with accumulations running into the trillions of cubic feet.
Wahab said the flow tests to date “strongly support that argument”.
Up earlier in the day, shares in Sound were marking time 78.5p in early afternoon trade.
Sound Energy picked up the Tendrara asset last summer and, after adding Schlumberger as a partner later that year, it has never looked back.
A successful drilling programme has been richly rewarded.
Whilst work continues to determine just how big Tendrara is, bringing the field into production remains a key objective too.
