Sound Energy PLC Sidi Moktar: Ministry Approval & Farm Out Process (2622Q)
June 05 2018 - 1:00AM
UK Regulatory
TIDMSOU
RNS Number : 2622Q
Sound Energy PLC
05 June 2018
5 June 2018
Sound Energy plc
("Sound Energy" or the "Company")
Sidi Moktar : Receipt of Ministerial Approval and Initiation of
Farm Out Process
Sound Energy, the Moroccan focused upstream gas company, is
pleased to announce receipt of Ministerial approval of the Sidi
Moktar Onshore Petroleum Agreement awarded to the Company in
February 2018 and that, following completion of further subsurface
evaluation and significant inbound third party interest, the
Company has now initiated a formal farm out process for its Sidi
Moktar Onshore licence, Central Morocco.
The Sidi Moktar Onshore Petroleum Agreement, where the Company
has a 75% operated position, covers some 4,499 square kilometres.
The remaining 25% position in Sidi Moktar is held by Morocco's
Office National des Hydrocarbures et des Mines ("ONHYM").
On 30 November 2017 the Company announced its initial volume
estimates of the exploration potential of Sidi Moktar, following an
independent preliminary technical evaluation (the "Sidi Moktar
Study"). The Sidi Moktar Study mapped a portfolio of 28 Liassic,
Triassic and Paleozoic leads in a variety of hydrocarbon trap types
across the Sidi Moktar Onshore permit areas and highlighted an
exploration potential best case of 8.9 Tcf with a high of 11.2 Tcf
and a low case of 6.7 Tcf, unrisked gas originally in place
(gross). In addition, Sidi Moktar contains an existing gas
discovery in the Lower Liassic (Kechoula) and is located close to
existing infrastructure and gas demand, including the large-scale
Moroccan state owned OCP Phosphate plant.
During 2018, the Company has completed a subsurface evaluation
of the Western area of the Sidi Moktar Onshore licence area and is
close to finalising the mapped portfolio and comprehensive
Petroleum System Model over the entire area.
Following receipt of the Ministerial Approval, completion of the
above technical work and recent significant inbound third party
interest, the Company has initiated a formal farm out process with
the objective of funding the forward 2018 work programme at Sidi
Moktar, whilst retaining operatorship.
Further announcements will be made, as appropriate, in due
course although the Company cautions that there can be no certainty
that any farm out of the Sidi Moktar Onshore licence will be
concluded.
This announcement is inside information for the purposes of
Article 7 of Regulation 596/2014.
For further information please contact:
Vigo Communications - PR Tel: +44 (0)20 7830
Adviser 9700
Patrick d'Ancona
Chris McMahon
Kate Rogucheva
Sound Energy j.parsons@soundenergyplc.com
James Parsons, Chief Executive
Officer
Smith & Williamson - Nominated Tel: +44 (0)20 7131
Adviser 4000
Azhic Basirov
David Jones
Ben Jeynes
RBC - Joint Broker Tel: +44 (0)20 7653
Matthew Coakes 4000
Martin Copeland
Laura White
Macquarie Capital (Europe) Tel: +44 (0)20 3031
Limited - Joint Broker 2000
Alex Reynolds
Nick Stamp
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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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