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    Sound Energy identifies new “potentially significant oil play” in Morocco

    30 Jun 2018

    The bulletin board favourite commissioned a new basin modelling study of its eastern Moroccan permits which identified potential for a new oil play over the Anoual licence

    A new basin modelling study commissioned by Sound Energy PLC (LON:SOU) has suggested the possibility of a “potentially significant oil play” at its Anoual permit area in eastern Morocco.

    That is in addition to the 5.5 trillion cubic feet (Tcf) of gas Sound has already identified.

    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).

    The study also allowed Sound to update its estimates for how much gas it believes it has across its Moroccan assets more generally.

    The in-place gas estimates range from a low case of 7 Tcf up to a high case of 34 Tcf. The mid-case estimate is for 20 Tcf.

    Those numbers aren’t too far from Sound’s own estimates of 9 Tcf (base), 17 Tcf (mid) and 31 Tcf (high) which it released last February.

    Study ‘further de-risks Moroccan assets’

    It is important to remember that those are forecasts of what might be in the ground and not necessarily what Sound thinks it can recover.

    “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.”

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