Sound Energy, the UK gas exploration company, has made a series of administrative changes due to the British giant’s inability to reach the flow rate of trade in the east of the kingdom. The company expects to reduce its administrative and public expenses by more than fifty percent after finding that there is no “black gold” in the eastern region of Tendrara, reported Oil & Gas Middle East magazine.
In a press release published on its official website, the UK-based oil and gas exploration company announced the resignation of its non-executive director David Clarkson’s board of directors as of this week after the appointment of Simon Davis, non-executive chairman of the company last May. James Parsons will remain the CEO of the company until he explores gas liquefaction options in the Eastern Province.
According to the Swiss Ecofin, the British company has decided to completely abandon the TE-10 well in the eastern region, two weeks after the company’s fossil tests, which foresaw an important discovery that could strengthen its operations as well than those of his partner, Schlumberger.
Despite this failure, the British company announced that it would “return to exploration in the fifth deposit, which was found to be filled with gas.” Sound Energy also announced the discovery of hydrocarbon gas at the well surface.
“We are very disappointed with the results of the tests on the TE-10 wells,” said the company, but has announced its intention to continue the adventure of extracting gas from Moroccan fields. “We plan to review our future strategy,” said James Parsons, president of Sound Energy.
With the Tenderara license in the east of the country, the company has been working for months drilling, analyzing well data and mining extracted rock samples. He showed great optimism about the possibility of finding large quantities of exploitable gas.