RNS Number : 1571M
Sound Energy PLC
26 April 2018
26 April 2018
Sound Energy PLC
("Sound Energy" or the "Company")
Preliminary Competent Person's Report: A1 Prospect
Sound Energy, the Morocco-focused upstream gas company, is delighted to announce receipt of the preliminary volume results of the Competent Person's Report ("CPR") in relation to the A1 prospect in the Company's Tendrara-Lakbir permit, Eastern Morocco.
The CPR is being conducted by RPS Energy Consultants Ltd ("RPS") and is the first in a series of CPRs planned across the Company's Eastern Morocco acreage following the acquisition of new 2D seismic.
Sound Energy is pleased to report that these preliminary volume results largely confirm the Company's previously communicated GOIP estimates for the TAGI reservoir in the A1 prospect (RNS on 8 February 2018 estimated 0.4 Tcf Low case, 0.7 Tcf Mid case and 1.2 Tcf High case GOIP for the TAGI reservoir in A1).
The Company intends that TE9, the first well, targets both the TAGI and the deeper Paleozoic. The scope of the CPR was designed to only cover the Triassic TAGI reservoir and any future volume estimates for the deeper Paleozoic prospectivity, will need to be added to these volumes.
The table below summarises the preliminary results of the CPR evaluated by RPS for the A1 prospect:
|
Prospect |
Undiscovered Gas Originally In Place (Bcf) |
Chance of Success (%) |
|||
|
Gross (100%) basis |
|||||
|
Low |
Mid |
High |
Mean |
||
|
A1 TAGI reservoir |
278 |
624 |
1254 |
712 |
25 |
The Company believes that further work may de-risk the first well and the chance of success may increase on positive results from the seismic processing and geological studies.
The CPR, which is expected to be issued in final form during May 2018, will include a full technical review of the A1 prospect. The A1 prospect evaluation uses new 2D seismic data acquired by Schlumberger Western Geco, as part of the previously communicated Phase 1 seismic acquisition programme. The data were recorded in late 2017 and early 2018 and were fast-track processed by the specialist geophysical contractor, Shearwater Geoservices Ltd. The final CPR in relation to the A1 prospect will be compliant with the latest SPE Petroleum Resources Management System ("PRMS") approved definitions of Reserves and Resources.
Following finalization of the prospect volumes and the chance of success, the Company intends to secure partner approvals and commence ground works.
This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
For further information please contact:
Vigo Communications - PR Adviser
Patrick d'Ancona, Chris McMahon Alexandra Roper
Tel: 44 (0)20 7830 9700
Smith & Williamson - Nominated Adviser
Azhic Basirov, David Jones, Ben Jeynes
Tel: 44 (0)20 7131 4000
RBC Capital Markets - Broker
Matthew Coakes, Martin Copeland, Laura White
Tel: 44 (0)20 7653 4000
The information contained in this announcement has been reviewed by Sound Energy's Exploration Director, Brian Mitchener, a chartered petroleum geologist.
Bcf means billion standard cubic feet of gas; Tcf means trillion cubic feet of gas; and best case, high case and low case estimates are consistent with SPE (The Society of Petroleum Engineers) PRMS guidelines.
RPS Group PLC (http://www.rpsgroup.com/) is a global consultancy providing a range of services, including geological, geophysical and petroleum engineering services to the oil and gas industry. The inplace and prospective resource estimates within this note have been provided by RPS Group PLC.
Resources are all quantities of petroleum (recoverable and unrecoverable) naturally occurring on or within the Earth's crust, discovered and undiscovered, plus those quantities already produced. Not relevant to GOIP range presented
This information is provided by RNS
The company news service from the London Stock Exchange