Sound Energy drops after kick-starting Morocco well-drilling

07 December 2018

(Sharecast News) - Sound Energy dropped on Friday after it expressed little optimism as it commenced the drilling of the TE-10 well at its Tendrara project in eastern Morocco.
In a statement, the company put the chances of success at the two targets of what is the second of a planned three well exploration programme at Tendrara at just 14% and 26%, respectively, with the well located around 25 kilometres away from the project's currently anticipated production area.

The AIM traded company said the drilling programme is expected to run for 30 to 40 days, with the well drilled down to a depth of 2,200 metres, with the TE-10 well intended to target a material TAGI stratigraphic trap and a smaller TAGI structural closure.

It is part of a play with estimated volumes of 2.7 Tcf mid case gross gas originally in place - 4.5 Tcf GOIP gross upside case and a 1.5 Tcf GOIP gross low case.

The first well in the current programme (TE-9) was plugged and abandoned after it did not encounter producible gas when it was drilled last month.

Sound Energy's shares were down 10.62% at 12.66p at 1310 GMT.