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Sound Energy, a well-funded African and European upstream gas company has revealed on Wednesday a new three-well drilling program planned in eastern Morocco, as part of its license in Tendrara.
According to Proactive Investors, The British company «sees just over 1 trillion cubic feet of gas resources while the broader eastern Morocco acreage is estimated to host some 17 trillion cubic feet and a new accelerated drill programme will target ‘high impact’ locations. The aim is to unlock more of the areas that contribute to the wider estimate».
Sound Energy confirms Eastern Morocco exploration drill programme - three back2back wells each targeting multi Tcf
— Sound Energy (@soundenergyplc) 4 octobre 2017
«The three well exploration programme we are announcing today has the potential to significantly increase the core value of our Moroccan acreage and to establish Eastern Morocco as a prolific but low cost gas province, on the doorstep of large and growing energy markets,» said James Parsons, Managing Director of Sound Energy in a statement released by Proactive Investors.
This program will begin with the drilling of a new well 25 kilometers northwest of Tendrara's TE-5 well where the company's estimates range from 0.4 to 1.2 trillion cubic feet of gas. The second new well will be located 20 kilometers northeast the TE-5, at a place called Lakbir. «This larger target is an extension of the TAGI play and it is estimated between 1.2 TCF and 5 TCF, with the mid-case estimate set at 2.6 TCF.,» the company said. The latter did not give details on the third well.
Proactive Investors reports that a separate valuation program is currently under review pending the completion of this new exploration. Each of the wells will cost Sound Energy nearly MAD94.3 million ($ 10 million).
