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Sound Energy confident that Morocco assets can become a material hydrocarbon province

Production is targeted for later this year, meanwhile, further exploration and appraisal is planned
oil and gas operations
Additional wells are planned for Tendrara later this year

Sound Energy PLC (LON:SOU), in its financial results statement, reaffirmed its belief that its assets onshore Morocco have the potential to become a material hydrocarbon province.

“We remain hugely excited about our future and look forward to success together,” said chairman Richard Liddell.

READ: Sound Energy prepares to redistribute Saffron/Coro stake to shareholders

The company highlighted that the second phase of 2D seismic exploration is underway and is due to complete in the summer.

It is planning additional wells for the Tendrara area later this year.

In terms of development, the company noted its ‘good progress’ for the TE-5 Horst project for which resource certification was issued in January.

Contracting, engineering and financing works are progressing , alongside offtake and other commercial efforts.

Sound intends to apply for a production concession this year and it anticipates final project sanction in 2018.

The company ended the year with £21.2mln of cash, and it noted that it invested £24mln during the year - mainly on an exploration well in Italy, plus a well and a well re-entry in Morocco.

Sound reported a £12.3mln loss from continuing operations, and £34.15mln from discontinued operations. 

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