Sound Energy PLC’s (LON:SOU) back-to-back drill programme at Sidi Moktar in Morocco offers potential both in the shallow levels and deeper, according to independent oil and gas analyst Malcolm Graham-Wood.
Drilling has started, said Graham-Wood. and if successful just in the shallows that would still be 'extremely good' as there are lots of local customers for the shallow gas
if the wells are successful it could go on to deeper levels and would be very exciting news for the oil and gas explorer, he told Proactive.
The two wells were originally drilled some time ago, but the re-entries mark Sound’s second potentially major project in Morocco after the gas find at Tendrara..
WATCH: ''This is a very exciting time'', as Sound drills at Sidi Moktar - Malcolm Graham-Wood
Meanwhile, the analyst is expecting more news imminently from the Badile prospect in Italy.
“I would not even be surprised if something comes out this week,” he said.
Separately, Graham-Wood said he was impressed by the appointment of Fiona MacAulay as chief executive of Echo Energy Plc (LON:ECHO) , the company dubbed Sound Energy Mark 2 as it comprises largely the same owners.
MacAuley proved herself with her work on the geotechnical data for Rockhopper's Sea Lion field in the South Atlantic , but as chief executive at Echo she now has “a walletful of money” for South American expansion.
'Having now sold its Egypt operation, that is a very strong position'.