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Sound Energy says its Morocco shares fell after disappointing gas test

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British upstream gas company Sound Energy PLC has seen its Morocco shares down -31.7% at 11.6, Reuters reports.
The company announced that its gas discovery in Tendrara (TE-10) was disappointing.

The Tendrara discovery «although having flowed hydrocarbon gas to surface, has not achieved commercial flow rates following the stimulated well test undertaken with partner Schlumberger», the British press agency said.

The firm will be adopting a new program to reduce costs, including the reduction of operating expenses, staff and staff costs.

Earlier in May, Sound Energy said that its shares rose after it told investors that it received an offer from the Moroccan government

Sound Energy, which has three assets in the Kingdom (Tendrara, Anoual, and Sidi Mokhtar), said that a non-binding offer submitted by Morocco's Office National de L’Electricité et de L’Eau Potable (ONEE) aims to purchase its Tendrara’s gas.

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