The exploration and development firm Sound Energy PLC (LON:SOU) said a drill rig will soon be on its way from its Tendrara licence in Morocco to start work on two wells at Sidi Moktar, its second gas asset in the country.
The company has also confirmed it will go it alone with the exploration of Sidi Moktar thanks to its strong financial position, rather than bringing in a partner.
It owns 75% of the 2,700-square kilometre area (the remainder is held by the state), host to two wells near a town called Kechoula.
They targeted the Lower Liassic horizon, host to a ‘mid-case’ 293 billion standard cubic feet of natural gas.
Sound believes it could tap into more significant accumulations within the lower-lying TAGI and Paleozoic formations.
Near-term potential
Previous work suggests the two could be host to anywhere from one-trillion to nine-trillion cubic feet of gas – which would make Sidi Moktar a significant find.
Existing and new two-dimensional data will have to be processed as will drill results before the company can make its own assessment of what lies beneath the surface.
There is the potential for early commercialisation as the permit area is close to existing infrastructure, including the large-scale Moroccan state owned OCP phosphate plant.
Chief executive James Parsons said: “We are hugely excited about Sidi Moktar with the opportunity to demonstrate a commercial gas discovery, with potential near term production and significant deeper exploration potential in the pre-salt.
“Our financial strength enables us to avoid asset dilution therefore retaining a greater exposure to the very material deeper upside.”
Source: Gas exploration specialist Sound Energy PLC readying to start work on second Morocco licence
