Sound's Greater Tendrara Takes Effect
UK-listed Sound Energy said October 16 it has received Moroccan ministerial approval of its new eight-year Greater Tendrara Petroleum Agreement (GTPA) which extends out to 2026.
CEO James Parsons said: “We look forward to commencement of our exploration drilling programme in the near future.” The agreement was initially signed August 31, 2018.
Sound Energy now holds a 47.5% operated position in the GTPA, with US contractor Schlumberger holding 27.5%, and Moroccan state gas producer ONHYM 25%. The agreement has now been signed by ONHYM and the Moroccan petroleum regulator and - following the ministerial approval - has now come into force. It covers 14,500km2 across eastern Morocco and surrounds the 133.5km2 development concession area relating to the Tendrara gas discovery, itself recently awarded. It is separate, and in addition to, the existing Anoual petroleum agreement.
Two exploration wells are required within the initial four-year period of the GTPA, a condition which Sounds says will be fulfilled by its already-planned TE-9 and TE-10 wells. This is followed by two optional periods, each of two years, and each requiring one exploration well.