Soudn Energy is one step closer to capitalizing on the “exciting hydrocarbon province” of Morocco.
The firm today confirmed the SAIPEM rig has now arrived at the Company’s Sidi Moktar asset, onshore Morocco, ahead of the re-entry and testing of the Lower and Middle Jurassic in two existing wells (Koba-1 and Kamar-1) on the Kechoula discovery.
Chief executive Jim Parson said: “Sidi Moktar represents one of many exciting opportunities for operational success to add material value to our business in the near future.
“The Sidi Moktar licences are estimated to have significant pre-Jurassic exploration potential from the TAGI and Paleozoic, similar to our Tendrara licence in Eastern Morocco, reinforcing our strategy of identifying opportunities that can bring near term benefit to Sound Energy and can be progressed quickly from an infrastructural perspective.
“We continue to believe that Morocco is an exciting hydrocarbon province with significant upside for Sound, and look forward to updating the market on progress in due course.”
The company plans to complete a two stage workover of the two wells and should sufficient qualities of gas be proven, Sound will complete an extended well test, and assuming a successful test, target first commercial gas to the domestic market, around the end of 2017.