Source - RNS
RNS Number : 7951T
Sound Energy PLC
25 March 2019
 

25 March 2019

Sound Energy plc

("Sound Energy" or the "Company")

 

Tendrara: Update on TE-7 Connected Gas Volume

 

Sound Energy, the Moroccan focused upstream gas company, is pleased to provide a further update on the TE-7 well reservoir pressure, following the latest retrieval of the pressure gauge data. The measured pressure data provides further information on the extent and quality of the reservoir at TE-7 and provides additional confidence for the development plan of the Company's existing TE-5 Horst discovery, which remains subject to Final Investment Decision.

 

The latest pressure measurements reveal a current reservoir pressure of 413.4 bara at the TE-7 well location with the pressure continuing to increase towards the original reservoir pressure of 422.6 bara confirmed by the Company on 19 July 2017. The period of pressure monitoring has been extended to observe this continued pressure increase and will continue. The pressure build-up trend is important information as it allows the Company to estimate the connected volume of in place gas ("GOIP") accessible by the TE-7 well.

 

Analysis of the pressures measured in the well recorded over time has led to an increase in the Company's estimate of connected GOIP around TE-7 to a volume exceeding 115 Bscf. Historical analysis of the pressure trend, announced on 19 July 2017, had previously shown that the volume of connected GOIP around TE-7 exceeded 40 Bscf.

 

The significant increase in the Company's estimates of minimum GOIP connected to the TE-7 well provides support for the Company's field development plan consisting of a number of horizontal stimulated production wells spaced to optimise recovery.

 

For further information please contact:

 

 

Vigo Communications - PR Adviser

Patrick d'Ancona

Chris McMahon

 

Tel: +44 (0)20 7390 0230

Sound Energy

James Parsons, Chief Executive Officer 

JJ Traynor, Chief Financial Officer

[email protected]

 

 

 

Cenkos Securities - Nominated Adviser

Azhic Basirov

David Jones

Ben Jeynes 

 

Tel: +44 (0)20 7397 8900

RBC - Joint Broker

Matthew Coakes

Martin Copeland

 

Tel: +44 (0)20 7653 4000

Macquarie Capital (Europe) Limited - Joint Broker

Alex Reynolds

Nick Stamp

 

Tel: +44 (0)20  3031 2000

 

 

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.

 

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.

 

 


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