Sound Energy discovery in Morocco fails to achieve commercial flow rates
Source - SMW
Sound Energy said a recent discovery in Morocco had not achieved commercial flow rates.
The TE-10 gas discovery at Tendrara in the country's east returned the disappointing results following a stimulated well test undertaken with partner Schlumberger.
Sound Energy also said it had initiated a programme to 'structurally reduce' its operating expenses.
'Whilst clearly disappointed with the outcome, the team and I are encouraged to have delivered gas to surface from another TAGI discovery and remain confident in the potential of our Eastern Morocco basin,' chief executive James Parsons said.
'We have now completed the TAGI element of our current exploration programme and expect to update shortly on our forward looking strategy.'
At 2:55pm: (LON:SOU) Sound Energy PLC share price was -6.82p at 10.46p