Sound Energy PLC Preliminary Competent Person?s Report: A1 Prospect (1571M)
April 26 2018 - 2:00AM
UK Regulatory
TIDMSOU
RNS Number : 1571M
Sound Energy PLC
26 April 2018
26 April 2018
Sound Energy PLC
("Sound Energy" or the "Company")
Preliminary Competent Person's Report: A1 Prospect
Sound Energy, the Morocco-focused upstream gas company, is
delighted to announce receipt of the preliminary volume results of
the Competent Person's Report ("CPR") in relation to the A1
prospect in the Company's Tendrara-Lakbir permit, Eastern
Morocco.
The CPR is being conducted by RPS Energy Consultants Ltd ("RPS")
and is the first in a series of CPRs planned across the Company's
Eastern Morocco acreage following the acquisition of new 2D
seismic.
Sound Energy is pleased to report that these preliminary volume
results largely confirm the Company's previously communicated GOIP
estimates for the TAGI reservoir in the A1 prospect (RNS on 8
February 2018 estimated 0.4 Tcf Low case, 0.7 Tcf Mid case and 1.2
Tcf High case GOIP for the TAGI reservoir in A1).
The Company intends that TE9, the first well, targets both the
TAGI and the deeper Paleozoic. The scope of the CPR was designed to
only cover the Triassic TAGI reservoir and any future volume
estimates for the deeper Paleozoic prospectivity, will need to be
added to these volumes.
The table below summarises the preliminary results of the CPR
evaluated by RPS for the A1 prospect:
Prospect Undiscovered Gas Originally In Place Chance of
(Bcf) Success
(%)
Gross (100%) basis
-------------------------------------------
Low Mid High Mean
--------- -------- ---------- ----------
A1 TAGI
reservoir 278 624 1254 712 25
--------- -------- ---------- ---------- ----------
The Company believes that further work may de-risk the first
well and the chance of success may increase on positive results
from the seismic processing and geological studies.
The CPR, which is expected to be issued in final form during May
2018, will include a full technical review of the A1 prospect. The
A1 prospect evaluation uses new 2D seismic data acquired by
Schlumberger Western Geco, as part of the previously communicated
Phase 1 seismic acquisition programme. The data were recorded in
late 2017 and early 2018 and were fast-track processed by the
specialist geophysical contractor, Shearwater Geoservices Ltd. The
final CPR in relation to the A1 prospect will be compliant with the
latest SPE Petroleum Resources Management System ("PRMS") approved
definitions of Reserves and Resources.
Following finalization of the prospect volumes and the chance of
success, the Company intends to secure partner approvals and
commence ground works.
This announcement is inside information for the purposes of
Article 7 of Regulation 596/2014.
For further information please contact:
Vigo Communications - PR Adviser
Patrick d'Ancona, Chris McMahon Alexandra Roper
Tel: +44 (0)20 7830 9700
Sound Energy
James Parsons, Chief Executive Officer
j.parsons@soundenergyplc.com
Smith & Williamson - Nominated Adviser
Azhic Basirov, David Jones, Ben Jeynes
Tel: +44 (0)20 7131 4000
RBC Capital Markets - Broker
Matthew Coakes, Martin Copeland, Laura White
Tel: +44 (0)20 7653 4000
The information contained in this announcement has been reviewed
by Sound Energy's Exploration Director, Brian Mitchener, a
chartered petroleum geologist.
Bcf means billion standard cubic feet of gas; Tcf means trillion
cubic feet of gas; and best case, high case and low case estimates
are consistent with SPE (The Society of Petroleum Engineers) PRMS
guidelines.
RPS Group PLC (http://www.rpsgroup.com/) is a global consultancy
providing a range of services, including geological, geophysical
and petroleum engineering services to the oil and gas industry. The
inplace and prospective resource estimates within this note have
been provided by RPS Group PLC.
Resources are all quantities of petroleum (recoverable and
unrecoverable) naturally occurring on or within the Earth's crust,
discovered and undiscovered, plus those quantities already
produced. Not relevant to GOIP range presented
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCDBGDSCDDBGIU
(END) Dow Jones Newswires
April 26, 2018 02:00 ET (06:00 GMT)
Sound Energy (LSE:SOU)
Historical Stock Chart
From Apr 2024 to May 2024
Sound Energy (LSE:SOU)
Historical Stock Chart
From May 2023 to May 2024