London South East
Sound Energy PLC on Monday confirmed further net pay has been found at the TE-10 well in eastern Morocco.
Earlier January, Sound announced a discovery at TE-10, discovering a potential reservoir at between 1,899 metres and 2,009 metres.
Further work has now identified another “thin bedded net pay” within that reservoir. It has taken 57 side wall core samples, which are being analysed in the UK.
Initially, Sound had given a net pay estimate of 10.5 metres, but this is being revised “likely upwards”, with a new estimate to be given mid-February.
Sound has nearly finished planning its TE-10 test programme, with the first stage to conduct flow tests from multiple intervals due to start early February.
Turning to another well, TE-11, Sound has now chosen the location for the well, which will test a Palaeozoic high in the northern part of Sound’s Tendrara licence.
Shares were up 5.6% on Monday morning at a price of 25.90 pence each.
By George Collard; georgecollard@alliancenews.com
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