Interactive Investor
By Alliance
Moroccan gas company Sound Energy PLC said on Monday it has received the final competent person’s report regarding its A1 prospect in eastern Morocco.
The report was conducted by RPS Energy Consultants Ltd and covered its Triasic TAGI reservoir. The results were broadly in line with a previous report in April.
Gas originally in place is estimated to be 278 billion cubic feet in the low case, below the 400 billion cubic feet announced in April. A total of 1.25 trillion cubic feet was given as the high case figure, slightly above the 1.2 trillion cubic feet estimated in April.
The mid case was 624 billion cubic feet, exactly as recorded in April, with the estimated chance of success also the same at 25%.
The report covered only the Triassic TAGI reservoir and further estimates for Palaeozoic prospects “will be the subject of separate review”. TE-9, the first well on the prospect, will primarily drill Triassic TAGI reserves but could potentially drill Palaeozoic reserves as well.
Sound Energy will de-risk the project by using additional data to analyse the geophysical and geological conditions at the site, it said. Following this, the company will secure approval from its partners and commence ground works.
“Success at TE-9, our planned first well, could unlock significant value for Sound and our partners, reduce the risk on nearby leads, and increase further our overall confidence in the broader TAGI Structural Play trend,” said Sound Energy Chief Executive Officer James Parsons.
Sound Energy shares were down 0.8% at 37.58 pence Monday morning.
By Anna Farley; annafarley@alliancenews.com
