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Sound Energy Completes Tendrara Farm-In

Source: 12/16/2015, Location: Africa

Sound Energy has announced that the Company's farm in agreement with the Moroccan Oil and Gas Investment Fund in relation to the Tendrara Lakbir Licence, onshore Morocco has now been completed - with Ministerial approval, the final condition to the Farm In, now received.The terms of the Farm In were announced by Sound Energy on 8 June 2015.

The Company is also pleased to announce the agreement of commercial terms with Entrepose Drilling Morocco for the supply of a HH300 rig and the initiation of the procurement process for long lead items for the drilling of the first two appraisal wells on the Tendrara Licence.

The Company intends to commence ground works on the drill site for the first Tendrara well shortly after receipt of EIA approval - which the Company expects to receive in January 2016.

The Company announced that it had signed a term sheet with Schlumberger Production Management ("Schlumberger") in relation to the Tendrara Licence on 21 October 2015. The Company continues to work with Schlumberger in developing the strategic collaboration between Sound Energy and Schlumberger and the Company looks forward to updating shareholders, as appropriate, in due course.

James Parsons, Sound Energy's Chief Executive Officer, commented:
"I am pleased to report the initiation of our drill programme at Tendrara, with two back to back wells with an extended well test which, if successful, will prove the commerciality of the highly significant TAGI reservoir in Morocco. We believe Eastern Morocco is an exciting and developing area which is further validated by the recently acquired International Oil Company interest in the surrounding licences."

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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