Sound Flags Eastern Morocco Drilling

UK-listed gas explorer Sound Energy said October 4 it will drill three ‘high impact’ exploration wells in eastern Morocco.

It said the wells, each to cost about $10mn, will span multiple targets in both the Triassic and Paleozoic reservoirs but gave no details on their scheduling.

Sound’s CEO James Parsons said the new drilling campaign “has the potential … to establish eastern Morocco as a prolific but low-cost gas province, on the doorstep of large and growing energy markets." Sound and partners hold resources in the area internally estimated by Sound to total 1.03 trillion ft³ gas originally in place; a reserves certification is currently underway on three-fifths of that total.

Sound Energy three weeks ago reported a $19.4mn net loss in 1H2017, but said some of its forthcoming exploration drilling costs will be carried.

Mark Smedley