January - Initial results at TE-10. c. 10.5m 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.
March - Increase in the Company's estimates of minimum GOIP connected to the TE-7 well.
April - ANL Conversion.
May - TE-10 discovery is non-commercial post testing.
May - Decision made to undertake a marketing process for the Eastern Moroccan portfolio. Operations have been paused while this marketing process is ongoing.
November - Sound announces exclusivity for sale of Eastern Morocco. Selling 51% for headline $112m, solving development funding, and retaining production and exploration upside.
June – Competent Person's Report received: A1 Prospect (TE-9)
June – 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.
June – Formal farm out process for the Sidi Mokhtar licence initiated
July – Conversion of Schlumberger interests in the Eastern Morocco portfolio into joint venture licence participating interests
August – 2D seismic acquisition programme in Eastern Morocco is completed
August – New petroleum agreement that unites Tendrara and Matarka into the Greater Tendrara licence
September - Award of production concession for Tendrara gas discovery
October - Receipt of Moroccan ministerial approval of the new Greater Tendrara Petroleum Agreement. Commencement of Drilling at TE-9
November - Results of TE-9 drilling show no presence of gas.
December - Commencement of drilling at TE-10.
January – Tendrara (TE-7) – Extended well test results
February – Tendrara (TE-8) – Prove extension of TAGI discovery and explore the Paleozoic
March – Badile Moirago-1 well spud (Italy)
April – Schlumberger investment into Anoual (Geophysical Survey (including seismic)with gross cost fully carried)
May – Final TE-8 results and revised estimates
June – Start of Sidi Mokhtar Work Programme
June - 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
August - Tendrara - Next operation, Three alternatives under consideration.
September - Start of Tendrara Aerial gradiometry and seismic programme.
November – Completion of Aerial gradiometry at Tendrara, Eastern Morocco.
January – Further Sidi Mokhtar acquisition
February – Secured option to acquire Anoual reconnaissance area
March – Introduction of partner to Sidi Mokhtar
April – Receipt of $1 million Indonesian Contingent Consideration
April – Spud of TE-6 (first well at Tendrara, Morocco)
May – Receipt of final Badile drilling approval
July – Farm out of Badile to Schlumberger
August – Results of TE-6 at Tendrara (28m net pay, 17mmscf/d on test)
September – Inclusion on FTSE AIM UK 50 Index
November – Results of TE-7 at Tendrara (32mmscf/d after clean up)
November – Successful £26.9 million capital raise
December – Inclusion in MSCI Global Small Cap Index
April – Secured further funding from the institutional cornerstone investor
May – Morocco country entry through the onshore gas licences at Tendrara
June – Memorandum of Understanding (“MOU”) with Schlumberger as strategic partner
October – Acquisition of Sidi Mokhtar licences, consolidating our position in Morocco
December – Introduction of Schlumberger to Tendrara
April – Introduction of a new Institutional Cornerstone Investor, Continental Investment Partners
July – First gas on the Casa Tiberi field (Marche Region of Italy)
September – Purchase of the land required for the Badile prospect
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.