Sound Reports Loss, Reviewing Italy
UK-based Morocco gas explorer Sound Energy has reported a first half 2017 net loss of $19.4mn, compared with a profit of $1mn in the same period last year.
Exploration and appraisal costs represented $15.1mn, mostly positive, whereas almost none was expended last year. CEO James Parsons however noted: "Following the disappointing result at Badile, the board is currently reviewing the company's Italian portfolio."
"Having long shifted the axis of our activities to play-opening work in eastern Morocco, Sound continues to rapidly build a Moroccan exploration-focused onshore gas business hinged on strong European gas fundamentals, a strategic partnership with Schlumberger and our multi trillion cubic feet opportunity set," said CEO James Parsons.
Sound has a $27.5mn carried exploration programme from Schlumberger following its farm in to the Anoual block onshore Morocco.
Earlier this week it updated investors about its agreements with Moroccan investor OGIF regarding the Tendrara and Anoual licences in eastern Morocco, where it previously secured outline funding for a 120-km pipe to connect its planned Tendrara gas production to an existing international gas trunkline. And in May, it almost doubled its in-house estimate of its deep level TAGI resource in eastern Morocco, based on its TE-8 well there.
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