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Sound Energy has better luck with TE-10 well at Tendrara

The explorer had to plug and abandon its last well at Tendrara, but early results from the second well, TE-10, are more positive

workers drilling oil well
Sound has US$27mln of cash in the bank

Sound Energy PLC (LON:SOU) has announced positive initial results from the TE-10 well at the Tendrara project in eastern Morocco.

The AIM company said intermediate wireline logs had indicated the presence of gas-bearing sands in the TAGI.

Based on the preliminary interpretation of the data, Sound has estimated net pay of up to 10.5 metres and an average porosity of 8% – a similar porosity to previous productive wells in the firm’s existing discovery.

READ: Sound ​moves swiftly on to second well in Morocco

“These positive initial results underscore our confidence in the exploration potential across the broader basin,” said chief executive James Parsons.

“We will now finalise the logging, drill to TD [total depth] and then test the well to better understand the scale of the discovery and seek to confirm commercial flow rates.”

The news will be welcomed by investors after the disappointment of TE-9 – the first well in the programme – which was plugged and abandoned after it did not encounter producible gas.

The plan now is to finish drilling and then perform a well test, including possible mechanical stimulation.

Sound will also initiate seismic analysis to establish its internal estimated gas resources of the structural closure and the upside potential of the North East Lakbir stratigraphic trap. 

Groundworks for the drilling of TE-11, the third well in the programme, are expected to commence after the TE-10 well test.

Quick facts: Sound Energy PLC

Price: 3.1 GBX

Market: AIM
Market Cap: £36.02 m

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Investor Update: Sound Energy agrees deal to sell stake in East Morocco

Headlines from the Proactive UK newsroom. Sound Energy (LON:SOU) has signed a preliminary agreement to sell just over half its stake in its Tendrara licences in East Morocco for US$113mln. The consideration is US$54mln cash and the rest is a carry for future capital...

on 6/11/19

2 min read