Sound Energy confirms new gas finding in eastern Morocco
Earlier January, Sound energy announced discovery at TE-10 of a potential reservoir at between 1,899 meters and 2,009 meters.
Sound has nearly finished planning its TE-10 test program, with the first stage to conduct flow tests from multiple intervals due to start early February.
In London, Sound Energy shares were up 5.6% on Monday morning at a price of 25.90 pence each.
Last November, the company abandoned the TE-9 well, drilled to a total depth of 2,925 meters, after the company failed to find producible natural gas at the well.
On August 31, Sound Energy signed a new eight-year petroleum agreement with the National Office of Hydrocarbon and Mines (ONHYM) in Tendrara region. In October, the Moroccan finance and energy ministries approved the agreement to drill for oil in Morocco’s eastern Tendrara region.
The new petroleum agreement, named “Greater Tendrara Petroleum Agreement,” covers an area of approximately 14,500 square kilometers extending across eastern Morocco and “surrounding the development concession application area relating to the Tendrara gas discovery.”