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Sound Energy expands operations until March 31

The British company operating in gas exploitation, Sound Energy PLC, continues to be seduced by Moroccan potential. The company intends to continue operating the Tendara well, judging by recent negotiations with the National Office for Electricity and Drinking Water.

Sound Energy is in the negotiation phase with ONEE, which represents the National Office of Hydrocarbons and Mines (ONHYM), concerning its exploitation of the gas well of Tendara, in the Oriental region.

The British company aspires through this memorandum of understanding to expand its presence within the kingdom, while continuing its actions based on the provisions of a similar agreement, concluded last October. Through these negotiations, ONEE, with its status as a public entity, will undertake to acquire the entire production of the well. It should be noted that the previous agreement involved production of 48.4 million cubic feet per day for a period of ten years.

The new agreement thus fixes the unit price for a quantity of 29 million cubic feet per day, or a total of $ 84 million, once it entered into force during the first year of operation at the Tendara well.

The company has had an operational license for 8 years in the kingdom, and covers an area of ​​14,500 m². Since 2015, it has held a 55% share in its operations, while 25% goes to ONHYM and 20% through the Oil & Gas investment fund (OGIF). Sound Energy also signed an agreement with OGIF in March 2017, allowing it to take advantage of additional 20% shares in the Anoual well and up to 75% in certain operations in the Tendara well.

Last May, the company indicated that the TE-10 well, which began drilling in December 2018, after which tests carried out in 2019 by the French company Schlumberger, could show very promising potential, ranging from 1.5 to 2 million cubic feet of natural gas. However, the feedback from the tests turned out to be negative, since the well was classified as non-exploitable.

These tests were carried out over a gross interval of 158 meters, at depths ranging from 1932 to 2090 meters.

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