Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Sound Energy begins well preparations at Tendrara

A binding rig contract has been signed with Saipem for a National 110 UE (1500 HP) traditional rig.
no_picture_pai.jpg
The rig is currently being prepared for mobilisation from Mauritania,
---ADDS SHARE PRICE AND BROKER COMMENT---
 
Sound Energy (LON:SOU) shares nudged higher as it started ground works at its Tendrara licence area in Morocco with all contracts in place for its first well. 
 
The contracts include a binding rig contract with Saipem for a National 110 UE (1500 HP) traditional rig.
 
The rig is currently being prepared for mobilisation from Mauritania, which is expected to begin later this month. 
 
Partner Schlumberger has agreed to fund 80% of this first well at Tendrara as part of a three well collaboration.  
 
The well, 2.4Km North East of the previously successfully drilled TE5 well, is expected to cost approximately £9.2mln (100%) with Sound to contribute 20%. 
 
James Parsons, Sound Energy's chief executive, said: "We expect our first Moroccan well to demonstrate that we can secure commercial flow rates at Tendrara whilst also proving up further significant volumes.
 
“This will be a critical well for both Sound Energy and the whole of Eastern Morocco, which is rapidly attracting interest from across the sector.
 
House broker Cantor said  it was another encouraging update.
 
Its total net asset value for Sound is 30.9p a share, including 16.7p of core NAV and 14.2p of risked NAV, and it valued Sound’s current Italian production at Rapagnano and Nervesa at 1.5p a share.
 
Shares in the junior are up 1.47% today at 17.25p.
PhilW.jpg
Why Invest In Sound Energy PLC? Read More Here

Register here to be notified of future SOU Company articles
View full SOU profile

Sound Energy PLC Timeline

Newswire
February 29 2016

Related Articles

PowerStationSnow.jpg
March 07 2016
CoalSwitch is an environmentally-friendly process that cleanses the raw biomass by removing salts, minerals and other contaminants that harm the atmosphere and damage power plant furnaces.
LGO_-_Goudron_nodding_donkeys.png
June 02 2015
LGO delivered significant, countercyclical, growth in production, revenue and gross profit in 2014
gasflarelarge-(Resized).png
August 04 2015
Horse Hill has generated a great deal of interest and, in some quarters, excitement on the basis the field might host a world class discovery.

© Proactive Investors 2016

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.