20 June 2016
Sound Energy plc
("Sound Energy" or the "Company")
Tendrara and Meridja Update
Sound Energy, the European / Mediterranean focused upstream gas company, is pleased to provide the following update.
The processing of the logs while drilling and wire line logs at the first Tendrara well has now been completed. The preliminary petrophysical analysis confirms the presence of a number of gas bearing levels and a total net pay of 28 metres in the TAGI reservoir. This is ahead of initial expectations.
A further announcement will be made following the completion of operations and when the results of the well test are confirmed.
In anticipation of drilling of the second well at Tendrara, the Company has now applied for the first complementary period under the licence terms. This period triggers a commitment to a second well.
The Company is also pleased to announce that it has now exercised its option to acquire, subject to regulatory and other approvals, a 55% participating interest in the Meridja exploration permit, onshore Morocco, from Oil & Gas Investment Fund S.A.S. (the "Option"). The consideration payable and the other terms of the Option were announced by the Company on 8 February 2016.
The Meridja licence area is adjacent to the Tendrara licence and is a highly prospective 9,000 Km2 area with the same fundamental geology as Tendrara.
The Company continues to pursue its counter-cyclical growth strategy and to evaluate selective opportunities to complement its existing portfolio.
For further information please contact:
Vigo Communications - PR Adviser
Tel: 44 (0)20 7830 9700
James Parsons, Chief Executive Officer
Smith & Williamson - Nominated Adviser
Tel: 44 (0)20 7131 4000
Cantor Fitzgerald Europe - Broker
Tel: 44 (0)20 7894 8896
The information contained in this announcement has been reviewed by Sound Energy's Moroccan Managing Director, Luca Madeddu, a qualified petroleum geologist.