Sound Energy PLC Eastern Morocco Update: Anoual Exploration Permit (0556S)
July 06 2020 - 1:00AM
UK Regulatory
TIDMSOU
RNS Number : 0556S
Sound Energy PLC
06 July 2020
6 July 2020
Sound Energy plc
("Sound Energy" or the "Company")
Eastern Morocco Update: Anoual Exploration Permit
Sound Energy, the Moroccan focused upstream gas company, is
pleased to announce that it has, together with its licence
partners, successfully concluded a re-negotiation of the terms of
its Anoual Exploration Permits (the "Permit') with Morocco's
National Office of Hydrocarbons and Mines ("ONHYM") which aligns
the work programme commitments on the Permit and the Company's
continued pursuit to unlock the exploration potential of the
Eastern Morocco basin, with the expected phasing of the Company's
recently announced Tendrara Production Concession Phase 1
development plan.
The Permit, which became effective on 31 August 2017 and covers
an area of some 8,873 square kilometres has a duration of 8 years
and, as with all Moroccan exploration permits, is divided into 3
phases with each phase having pre-agreed work commitments. The
original work commitments under the Permit were:
-- Initial period of 3 years expiring on 31 August 2020:
FTG-aerogradiometry, 600 kilometres of 2D seismic and 150 square
kilometres of 3D seismic.
-- Subsequent optional first complimentary period of 2 years and
6 months: 1 exploration well with Triassic objective.
-- Optional second complimentary period of a further 2 years and
6 months: A further single exploration well with Triassic
objective.
The amended work programme commitments under the Permit are now
as follows:
-- Initial period of 4 years and 4 months from 31 August 2017
(the "Initial Period"): FTG-aerogradiometry and 600 kilometres of
2D seismic and 1 exploration well with Triassic objective (to be
scheduled in 2021).
-- Optional first complimentary period of a further 2 years and
6 months (from 31 December 2021): if the results of the drilling of
the exploration well drilled in the Initial Period are likely to
constitute a commercially exploitable discovery, the Company will
acquire 150 km2 of 3D seismic or its equivalent in 2D seismic data.
If the results of the exploration well drilled in the Initial
Period are not likely to constitute a commercially exploitable
discovery, the Company will undertake further geological and
geophysical studies but will not be required to acquire this
additional seismic.
-- Optional Second complimentary period of a final 2 years and 6
months: A further single exploration well with Triassic
objective.
The effective date of the Permit remains the same. The Company
clarifies that the commitment to acquire FTG-aerogradiometry and
600 kilometres of 2D seismic has already been fulfilled and
approved as such by ONHYM. The Company holds an operated 47.5%
interest in the Permit, with the remainder held by joint venture
partners Schlumberger with a 27.5% share and ONHYM with a 25%
share.
Mohammed Seghiri, Sound Energy's COO, commented:
"Despite the challenges caused by the COVID-19 restrictions, I
am delighted to have re-aligned our committed exploration work
programme at the Anoual Exploration Permit in Eastern Morocco so it
dovetails more efficiently with the proposed phasing of our Phase 1
Development Plan at the Tendrara Production Concession in a manner
that underscores both our confidence in the potential of the basin
as a future significant gas producing province and our ability to
deploy capital judiciously across the portfolio."
For further information please contact:
Vigo Communications - PR Adviser Tel: 44 (0)20 7390
Patrick d'Ancona 0230
Chris McMahon
Sound Energy questions@soundenergyplc.com
Graham Lyon, Executive Chairman
Tel: 44 (0)20 7397
Cenkos Securities - Nominated Adviser 8900
Ben Jeynes
Russell Cook
Turner Pope Investments (TPI) Ltd - Broker Tel: (0)20 3657 0050
Zoe Alexander
Andy Thacker
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulation (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
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END
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