Sound's Moroccan Well Disappoints
AIM-listed Moroccan gas explorer Sound Energy announced November 19 results from its TE-9 well in the Tendrara area of eastern Morocco.
The TE-9 well was drilled to a total depth of 2,925 metres and penetrated both the TAGI primary target and the Paleozoic secondary target, but interpretation of the wireline logs has not established the presence of producible gas, and hence the well will be plugged and abandoned, and not tested.
Sound said it will move directly to the TE-10 well location, which is ready. That well will target a TAGI structural-stratigraphic play with previously advised estimated volumes of 2.6 trillion ft3 mid-case gross gas originally in place and will now reach total depth 50 metres into the underlying Palaeozoic.
Much of the gas and oil just over the border in northwest Algeria is produced from this TAGI (Triassic Argilo-Gréseux Inferieur) formation, which Sound hopes extends westward too.
Sound stressed it remains well funded, with a cash balance of over $30mn as at November 14 2018. It also confirmed that preparation for a final investment decision (FID) for its TE-5 gas discovery will continue as planned, with Front End Engineering Design (FEED) conducted and paid for by the Enagas consortium for the pipeline due to complete around end-2018.