Discover our journey from exploration, discovery and now to development.
June
Settlement of Tax Case
Award of project Finance
Progress on Micro LNG Development - construction of LNG storage tank
Appointment of Attijariwafa Bank for debt financing for the Tendrara Production Concession
Pipeline tie-in agreement to the Gas Maghreb-Europe pipeline with ONEE of the Phase 2 development of the Tendrara Production Concession
Issue of notice to proceed to Italfluid
Non-Executive Director announced – Dr Christian Bukovics
Binding gas sales agreement signed for Phase 2 Tendrara Development
12-month extension to initial period of Anoual Exploration Permits granted
Completion of Schlumberger Silk Route Services Limited acquisition
Binding 10-year LNG sales agreement signed with
Afriquia Gaz
Acquisition of additional Eastern Morocco Interest
Bond restructuring proposals accepted
Payment for disposal of Badile land
Phase 1 Development – letter of exclusivity and extension of LNG heads of terms
Extension of Sidi Mokthar Permits
Renegotiation of terms of Anoual Exploration Permits
LNG heads of terms with Leading Moroccan Energy Group agreed
Binding MOU on Tendrara Gas Sales Agreement reached with ONEE
EIA approval received from the Moroccan Ministry of Finance for gas treatment plant and compression station
Announcement of Micro LNG production plan
Sound announces exclusivity for sale of Eastern Morocco. Selling 51% for headline $112 million, solving development funding, and retaining production and exploration upside
Decision made to undertake a marketing process for the Eastern Moroccan portfolio. Operations have been paused while this marketing process is ongoing
TE-10 discovery is non-commercial post testing
ANL Conversion
Increase in the Company's estimates of minimum GOIP connected to the TE-7 well
Initial results at TE-10. c. 10.5 million net pay identified. Gas bearing sands interpreted in and below structural closure, potential for significant stratigraphically trapped upside volumes Q1-Q2 – Testing operations at TE-10 were undertaken
Commencement of drilling at TE-10
Results of TE-9 drilling show no presence of gas
Receipt of Moroccan ministerial approval of the new Greater Tendrara Petroleum Agreement. Commencement of drilling at TE-9
Award of production concession for Tendrara gas discovery
New petroleum agreement that unites Tendrara and Matarka into the Greater Tendrara licence
2D seismic acquisition programme in Eastern Morocco is completed
Conversion of Schlumberger interests in the Eastern Morocco portfolio into joint venture licence participating interests
Formal farm out process for the Sidi Mokhtar licence initiated
Heads of terms signed with a consortium for the front end engineering and design, construction and financing of the required infrastructure for a 20 inch pipeline and associated facilities under a ‘build-own-operate-transfer’ (BOOT) structure
Competent Person's Report received: A1 Prospect (TE-9)
Completion of Aerial gradiometry at Tendrara, Eastern Morocco
Start of Tendrara Aerial gradiometry and seismic programme
Tendrara – Next operation, Three alternatives under consideration
Badile - Moirago -1, Exploration well in Italy
Sidi Mokhtar – Koba-1 & Kamar-1, Workover and test of Koba-1 and Kamar-1(Sidi Mokhtar wells)
CFO Appointment – to be announced
Start of Sidi Mokhtar Work Programme
Final TE-8 results and revised estimates
Schlumberger investment into Anoual (Geophysical Survey (including seismic)with gross cost fully carried)
Badile Moirago-1 well spud (Italy)
Tendrara (TE-8) – Prove extension of TAGI discovery and explore the Paleozoic
Tendrara (TE-7) – Extended well test results
Inclusion in MSCI Global Small Cap Index
Successful £26.9 million capital raise
Results of TE-7 at Tendrara (32mmscf/d after clean up)
Inclusion on FTSE AIM UK 50 Index
Results of TE-6 at Tendrara (28m net pay, 17mmscf/d on test)
Farm out of Badile to Schlumberger
Receipt of final Badile drilling approval
Spud of TE-6 (first well at Tendrara, Morocco)
Receipt of $1 million Indonesian Contingent Consideration
Introduction of partner to Sidi Mokhtar
Secured option to acquire Anoual reconnaissance area
Further Sidi Mokhtar acquisition
Introduction of Schlumberger to Tendrara
Acquisition of Sidi Mokhtar licences, consolidating our position in Morocco
Memorandum of Understanding (“MOU”) with Schlumberger as strategic partner
Morocco country entry through the onshore gas licences at Tendrara
Secured further funding from the institutional cornerstone investor
Purchase of the land required for the Badile prospect
First gas on the Casa Tiberi field (Marche Region of Italy)
Introduction of a new Institutional Cornerstone Investor, Continental Investment Partners
Strategic decision to focus on Mediterranean onshore gas. Acquisition of onshore gas portfolio. Disposal of Indonesian assets
Achieved first gas from the onshore Rapagnano field in central Italy. Maturation of Italian portfolio