Sound Energy says Phase 2 Morocco seismic is mostly complete

Sound Energy

Sound Energy has been promoting its ‘Access all areas’ day over social media, sharing images and insights with investors.

Sound Energy PLC (LON:SOU) has reported that the company’s ongoing 3D seismic campaign, onshore Morocco, is making progress.

The Phase 2 seismic is now mostly complete, that’s according to the explorer’s Twitter account.

Potential for a new hydrocarbon province

Last month, in its financial results statement, Sound Energy reaffirmed its belief that its assets onshore Morocco have the potential to become a material hydrocarbon province.

At that time, the company highlighted that the second phase of 2D seismic exploration is underway and is due to complete in the summer. It is planning additional wells for the Tendrara area later this year.

In terms of development, the company noted its ‘good progress’ for the TE-5 Horst project for which resource certification was issued in January. Contracting, engineering and financing works are progressing , alongside offtake and other commercial efforts.

Sound intends to apply for a production concession this year and it anticipates final project sanction in 2018.