In July 2017 Sound Energy entered into a new Petroleum Agreement for what was known as the Meridja reconnaissance area. The acreage covered by this new Petroleum Agreement permit, spans some 8,863 square kilometres and has been named Anoual. Upon completion, the Company will hold an operated 75% position, of which 27.5% is shared with Schlumberger resulting in a net 47.5% position for the Company. Onhym will hold the remaining 25% interest in the licence area.
In Anoual, two main targets have been identified: the Paleozoic formations, which belong to the Hercynian Saharan Platform, and the Triassic Sandstones (TAGI) which belong to the Triassic province.
In November 2017 Sound Energy completed an airborne FTG gravity and magnetic survey covering the entire permit area, and commenced a 2D seismic acquisition programme expected to complete 3Q 2018.
|Status||Reconnaissance licence moving to present|
|Effective Date||to be defined|
|Resource potential||5.5 Tcf identified in TAGI Leads (gross unrisked GIIP)|
|Interest||Sound will have a 75% participating interest (of which 27.5% is shared with Schlumberger i.e. 47.5% net position) (ONHYM 25% carried) on finalisation of the OGIF transaction.|
Sound secured an option to acquire a 55% interest in the Anoual permit, located next to its Tendrara license.
The Anoual reconnaissance permit is currently held 75% by Oil & Gas Investment Fund S.A.S (“OGIF”) and 25% by Office National des Hydrocarbures et des Mines (“ONHYM”). On completion of the recent new Petroleum Agreement the Company will hold an operated 75% position. (47.5% net)