Licence and Geophysical Operations: Sound Energy, the African and European focused upstream gas company, is pleased to provide an update on its Eastern Morocco acreage post the OGIF acquisition, which is expected to complete shortly, and the recently initiated regional geophysical programme.
Background: The Company operates the Tendrara permit (75% operated position, which is shared 27.5% with Schlumberger thereby resulting in a net 47.5% Sound Energy position). The Tendrara permit is currently in the first complimentary period, transitioning into the second complimentary period (which would expire in August 2020) in August 2018. The Company’s three existing wells on Tendrara (TE6, TE7 and TE8) have already fulfilled the work programme for the first and second complimentary periods. The Company expects, subject to regulatory approval, to secure a new eight year licence in 2018, after the first complimentary period ends.
The Company is currently pursuing (as detailed below) a geophysical programme including a Full Tensor Gravity (FTG) gradiometry survey and 2D seismic which, as previously announced, is to be provided, and funded, by Schlumberger in accordance with the terms of the Schlumberger commitments announced by the Company on 25 April 2017.