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Sound Energy chairman steps down as Moroccan gas confirmed
Mediterranean upstream company Sound Energy has received final certification for the TE-5 well core at its Tendrara asset onshore Morocco, with the findings being "entirely consistent" with preliminary results returned on 20 December.
Preliminary results from RPS Energy validated Sound's in-house resource estimates, revealing 0.65 trillion cubic feet of originally in place gas at the TE-5 Horst location, with a recoverable, contingent resource of 0.377 trillion cubic feet.
The third-party assessment covered just 1% of Sound's total project area in Morocco.
The company also announced on Tuesday that non-executive chairman Stephen Whyte would step-down from his position, resigning as director with immediate effect, but would remain as an advisor to the company until the end of March.
Whyte was replaced immediately by Richard Liddell, a non-executive director at Sound since 2015, while chief executive James Parsons was confirmed as continuing in his current role for the next 12 to 18 months.
Liddell expressed delight with the resources certification, which he said "positions us for rapid progress on the gas sales agreement and development funding solutions".
He added: "2018 is a critical year for Sound Energy as we continue to build our onshore gas business around the play-opening TAGI and Paleozoic reservoirs in Morocco. Whilst it is disappointing to lose Steve from the board, we wish him well and understand his commitments elsewhere."
As of 1000 GMT, shares had lost just 0.57% to 51.90p.