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A study conducted by African and European upstream gas company Sound Energy PLC has revealed that the company’s Anoual permit, eastern Morocco, has a «potentially significant oil play», reports Proactive Investors on Friday.
The results add to Sound Energy’s recent 5.5 trillion cubic feet of gas discovery.
«The AIM-quoted explorer is acquiring and processing further 2D seismic data over the area, which is now being evaluated as a candidate for the planned third exploration well (TE-11)», said the same source.
The study shows that the in-place estimates range from 7 Trillion cubic feet to 34 Trillion cubic feet.
«I am delighted to report receipt of the final basin model and the potential for a new oil play in the Paleozoic over the Anoual licence», said exploration director Brian Mitchener.
«We expect this new oil play to be the target of our forthcoming third exploration well. In addition, this basin model significantly de-risks the charge available to our individual prospects», he concluded.
