KEYFACT Energy
Sound Energy has initiated a formal farm-out process for the Tendrara Production Concession and the surrounding Greater Tendrara and Anoual exploration permits and has appointed Gneiss Energy Limited, a leading energy corporate finance advisory firm, to manage the farm-out process.
Sound Energy is the largest onshore operator in Morocco and has the first major onshore discovered gas resource at TE-5 Horst with 377 Bcf 2C resources. It is developing TE-5 in two phases: Phase 1 involves scalable #microLNG with a GSA signed for 10 mmcf/d, Phase 2 involved piped gas via the GME pipeline to existing power plants with a GSA signed for 29 mmcf/d.
The objective of the area-wide farm-out is to seek a co-investing partner in each licence to both fund the expected balance of Phase 2 development costs and also to progress an exploration and appraisal drilling programme in the Greater Tendrara and Anoual exploration permit areas.
Sound Energy plc has high-graded several potential near-term subsalt drilling opportunities in its surrounding exploration permits, including two structures previously drilled which encountered gas shows.
The company is seeking a farm-inee in each licence to both fund the expected balance of Phase 2 development costs (approximately $60 million net) and progress an exploration and appraisal drilling programme in the Greater Tendrara and Anoual exploration permit areas.
KeyFacts Energy Industry Directory: Gneiss Energy l KeyFacts Energy: Sound Energy Morocco country profile
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