Source - SMW
Sound Energy announced its unaudited half year report for the six months ended 30 June 2016.



- Significant gas discovery with the potential for a multi Tcf connected gas field, at Tendrara (onshore Morocco)

- First Tendrara well, TE-6, encountered approximately 28 metres of net gas pay in the TAGI reservoir, flow achieved pre-simulation, 17 mmscf/d achieved on test

- Significant near term development plan to secure near term cash flow

- Oil & Gas Investment Fund (OGIF), the partner on the licence, expressed interest to fund a new pipeline connecting Tendrara to the Gazoduc Maghreb Europe (GME) pipeline

- Second well on Tendrara, was spud on 25 August 2016, with a view to proving a sub-horizontal drilling concept

- Secured the Meridja exploration permit, adjacent to Tendrara

- Acquisition and farm-out of Sidi Moktar licences


- Final Badile drilling permission received in May 2016

- First farm-out secured with Schlumberger who will fund €7.5m of first well at Badile in exchange for an option on 20% of the licence

- Memorandum of Understanding regarding a rig contract in relation to Badile signed with Pergemina SPA


- Brian Mitchener, a proven world class hydrocarbon finder, joined the team as executive vice-president, Exploration

- Inclusion in FTSE AIM UK 50 Index with effect from Monday 19 September 2016 and migration of trading to SETS, the LSE premier electronic trading service

- Completion of group debt-refinancing with issue of 5-year €28.8 million bonds


- TE-7 drilling results and extended well test

- Planned drilling of an outpost well on Tendrara with a view to proving the multi Tcf potential

- Countdown to second Strategic Play, Badile