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Sound Energy to launch three-well drilling programme in Morocco
Moroccan upstream gas company Sound Energy apprised investors of its exploration plans for the current year on Thursday after having completed an aerial gradiometry programme.
Sound was gearing up to explore three independent "high potential" targets as part of its three-well drilling programme in 2018.
Work at the first well tapped for drilling, TE-9, will begin in July, with 25km of drilling to the North West of its TE-5 Horst asset aimed at targeting the "A" structure that had been estimated to hold between 700-1,200bn cubic feet of gas.
Drilling at TE-10, 25km North East of TE-5, and TE-11, would kick off in September and November respectively.
New data packages coming from a Phase 1 seismic survey and an aerial survey of the exploration areas in the vicinity of the Tendrara 5 Horst location led to the AIM-quoted group making an internal estimate of anywhere between 9 and 31 trillion cubic feet of gas.
Sound announced it had received final processed data from the aerial survey, which covered more than 22.8 square kilometres, and also expected to wrap up a modelling exercise throughout February while also completing a phased seismic programme.
James Parsons, Sound Energy's chief executive officer, said, "These early results of our geophysical and geological studies underscore our confidence in the Eastern Morocco exploration potential. We are now moving forward with our exploration drilling programme with a view to unlock three of our largest plays."
"Success at any one of these wells, together with the emerging seismic results, will likely be a step change in this new hydrocarbon province, and build significant new value for shareholders," he added.
As of 1040 GMT, shares had grown 0.80% to 48.10p.