Business
Portfolio Update
Portfolio Update.
About this update from Sound Energy Plc
[{"type":"text","content":"\n \nRNS Number : 9356K Sound Energy PLC 06 January 2016 \n\n6 January 2016\n \nSound Energy plc\n(\"Sound Energy\" or the \"Company\")\n \nPortfolio Update \n \nSound Energy, the European/Mediterranean focused upstream gas company, is pleased to provide the following update on its Moroccan and Italian gas portfolio.\n \nTendrara, Morocco\nFurther to the recently announced signatures with Schlumberger of both the strategic partnership across Europe and Africa and the Field Management Agreement specifically on Tendrara, the Company has now signed a Letter of Intent with Entrepose Drilling Morocco for the supply of a HH300 rig for the first two wells on the licence (which are expected to be back to back). The Company, post the recently announced transaction with Schlumberger, will retain operatorship and a 27.5% effective net working interest with a 20% effective net paying interest for the first well (increasing to 25% for the second and third wells). \n \nGround works are expected to be initiated at Tendrara during February.\n \nBadile, Italy\nThe Company is pleased to confirm that the Lombardy Region has completed its regional approval process (which resulted in the issue of the \"Intesa\") on 30th November 2015. The Company was advised on 27th December 2015 that the central (and final) approval process will likely complete at the forthcoming \"Conferenza dei Servizi\", hosted by the Italian Ministry of Economic Development, which is scheduled for the end of January. The final permission to drill is expected to be granted after this meeting.\n \nThe Company is also pleased to confirm that it has now completed, with external independent support, the acquisition of additional well stratigraphic information from the area in preparation for farming out the Badile prospect post the award of the final permission to drill. As a result of this work, the Company has updated its assessment of the prospect increasing its chance of success to 34% (from the previous 22% estimate). This significant improvement in the risking of the prospect is the second major improvement to the project following the recently announced Euro 5M reduction in the drilling cost.\n \nNervesa, Italy\nFollowing award of the Production Concession from the Italian Ministry of Economic Develop...