Sound Energy (LON:SOU) has completed its 55% farm-in at the Morocco onshore licence Tendrara Lakbir, with ministerial approval, the final requirement, now received.
Terms have also been agreed with Entrepose Drilling Morocco for the supply of a HH300 rig, while the procurement process for long lead items for two appraisal wells is underway.
Ground works on the drill site for the first well will commence once environmental approval is received. This is currently expected to be next month.
Tendrara is the first project Sound will tackle through a proposed collaboration with oilfield services titan Schlumberger.
The Tendrara licence covers eight blocks across a total of 14,500 square kilometres and has the potential to be a significant gas discovery.
The two companies are still working out a definite agreement on how their collaboration will work after signing a memorandum of understanding in October, Sound added today.
James Parsons, Sound’s chief executive, said the intention at Tendrara is to drill two back to back wells with an extended well test to prove the commerciality of the highly significant TAGI reservoir in Morocco.
“We believe Eastern Morocco is an exciting and developing area which is further validated by the recently acquired International Oil Company interest in the surrounding licences."