Share Name Share Symbol Market Type Share ISIN Share Description
Sound Energy LSE:SOU London Ordinary Share GB00B90XFF12 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.50p -1.09% 45.50p 45.50p 46.00p 47.50p 44.75p 47.50p 4,492,296 16:35:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 0.8 -15.2 -2.5 - 307.65

Sound Energy PLC Update re Sidi Moktar

05/07/2017 7:00am

UK Regulatory (RNS & others)


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RNS Number : 1312K

Sound Energy PLC

05 July 2017

5 July 2017

Sound Energy plc

("Sound Energy" or the "Company")

Sidi Moktar: Successful Koba-1 Well Test

Sound Energy, the Moroccan and European focused upstream gas company, is delighted to report the success of operations to date at the Koba-1 well at Sidi Moktar, onshore Morocco.

The Company has successfully re-entered, completed, perforated and flared gas at surface from the Argovian reservoir (historically the main producing reservoir in the Kechoula discovery).

A five metre interval was perforated in the Argovian reservoir at a measured depth of 1406 metres where the static pressure was measured at 98 bar, confirming a producible gas accumulation. The Company has now temporarily suspended the well in preparation for a rigless extended well test - after which the Company hopes to move rapidly to production. The Koba-1 well, drilled at the crest of the Kechoula discovery, is close to existing infrastructure and gas demand, including the large scale Moroccan state owned OCP Phosphate plant.

The Company believes the Sidi Moktar licences also contain significant pre-salt potential and notes the quantitive assesment prepared by a previous operator in 1998 which referred to exploration potential of the Sidi Moktar licences of up to 9 Tcf unrisked gas originally in place (gross) in the TAGI and Paleozoic. The Company will require the reprocessing of existing 2D seismic, acquisition of new 2D seismic and drilling results before forming its own volume estimates for the exploration potential of the Sidi Moktar licences.

The Company also advises that due to poor quality cement bonding across the Lower Liassic in the Koba-1, and likely the Kamar-1, wells, the Company no longer intends to immediately re-enter the Kamar-1 well (subject to agreement with the regulatory authorities). The Lower Liassic at Kechoula will therefore be evaluated at a later date together with the deeper pre-salt.

As a result, the rig will be immediately released from Sidi Moktar and will likely return to the Company's licences in Eastern Morocco.

James Parsons, Sound Energy's Chief Executive Officer, commented:

"We are delighted by this early success at the Kechoula discovery and look forward to both the extended well test and to unlocking the deeper, and much larger, pre-salt potential in the future.

Our attention now turns back to our very significant position in Eastern Morocco where we are preparing for further near term drilling and seismic."

For further information please contact:

 
 Vigo Communications - PR Adviser              Tel: +44 (0)20 7830 9700 
  Patrick d'Ancona 
  Chris McMahon 
  Alexandra Roper 
 Sound Energy                              j.parsons@soundenergyplc.com 
  James Parsons, Chief Executive Officer 
 Smith & Williamson - Nominated Adviser        Tel: +44 (0)20 7131 4000 
  Azhic Basirov 
  David Jones 
  Ben Jeynes 
 RBC Capital Markets - Broker                  Tel: +44 (0)20 7653 4000 
  Matthew Coakes 
  Martin Copeland 
  Laura White 
 

The information contained in this announcement has been reviewed by Sound Energy's Exploration Director, Brian Mitchener, a chartered petroleum geologist.

Tcf means trillion cubic feet of gas.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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July 05, 2017 02:00 ET (06:00 GMT)

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