Sound Energy PLC Strategic and Operational Update (7657Z)
May 22 2019 - 1:00AM
UK Regulatory
TIDMSOU
RNS Number : 7657Z
Sound Energy PLC
22 May 2019
22 May 2019
Sound Energy plc
("Sound Energy" or the "Company")
Strategic and Operational Update
Sound Energy, the Moroccan focused upstream gas company, is
pleased to provide an update on its strategy and operations.
Eastern Morocco
The announcement on 21 May, 2019 regarding the results of the
TE-10 well test does not diminish Sound Energy's overall assessment
of its Eastern Morocco acreage which, following the drilling of 5
wells and interpretation of new seismic data, all operated by the
Company, contains a number of high impact plays including:
-- Tendrara Production Concession and the TE-5 Horst discovery
it contains, which is a candidate for a 66 million standard cubic
feet per day mid case Final Investment Descision ("FID"); and
-- additional exploration potential in the TAGI and Palaeozoic
across multiple leads and prospects, which the Company has
internally estimated to include an aggregate exploration potential
of up to 20 trillion cubic feet (mid-case) of unrisked gross gas
originally in place.
Eastern Morocco Monetisation
The Board believes it is now the right time to explore the
monetisation options available to the Company in respect of its
Eastern Moroccan portfolio and has decided, with support from
Rothschild & Co, to market its Eastern Moroccan portfolio with
a view to assessing a sale, prior to FID.
The Company intends to pause further operations, including in
relation to TE-11, the third well in the current exploration
programme, until after the results of the marketing process.
Commenting on the strategic update, Sound Energy's CEO James
Parsons said:
"We are now approaching the final stages of Sound Energy's
strategy to drill a bold exploration programme in Morocco and then
explore options for early monetisation. Should the Board receive
the right price for the Company's East Morocco acreage, our
intention would be to return the net proceeds of any divestment to
Sound Energy shareholders in the most efficient manner
possible."
For further information please contact:
Vigo Communications - PR Adviser Tel: +44 (0)20 7390 0230
Patrick d'Ancona
Chris McMahon
Sound Energy questions@soundenergyplc.com
James Parsons, Chief Executive Officer
JJ Traynor, Chief Financial Officer
Cenkos Securities - Nominated Adviser Tel: +44 (0)20 7397 8900
David Jones
Ben Jeynes
RBC - Joint Broker Tel: +44 (0)20 7653 4000
Matthew Coakes
Martin Copeland
Macquarie Capital (Europe) Limited Tel: +44 (0)20 3031 2000
- Joint Broker
Alex Reynolds
Nick Stamp
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
The information contained in this announcement has been reviewed
by Sound Energy's Exploration Director, Brian Mitchener, a
chartered petroleum geologist. Bscf means billion standard 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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