Following its material successes in the Tendrara project in eastern Morocco, Sound Energy, the European and African focused upstream gas company, announced plans to shift its focus entirely on accelerating exploration drillings in Morocco.
Sound Energy’s increasing focus on Morocco comes after the company’s disappointing activities in Italy where it stripped out its assets.
In a statement setting the tone that Sound Energy’s future will be in Morocco rather than in Italy, the company said that it will deliver strategic focus for its activities in Morocco, thus enabling its shareholders the opportunity to continue their participation in an early stage consolidated but growth focused Italian E&P company.
Indeed, last Wednesday, Sound detailed a new three-well drill program planned in Eastern Morocco, where it intends to follow up recent successes at the Tendrara project.
Last month, the company announced that it has received a funding proposal for its Tendrara gas export pipeline from Advisory & Finance Group Investment Bank.
Besides its Tendrara wells, Sound Energy had announced that it would also start commercializing the first gas from Sidi Mokhtar in Essaouira Basin, central Morocco, by the end of 2017.
Several drillings for oil and gas operations are being conducted in Morocco, which imports about 95 percent of its energy needs. For foreign firms, the country represents a stable frontier in North Africa that is poised to be on the international gas map in the years to come.