Business
TE-10 Well Test Result and Exploration Update
TE-10 Well Test Result and Exploration Update.
About this update from Sound Energy Plc
[{"type":"text","content":"\n \nRNS Number : 7321Z Sound Energy PLC 21 May 2019 \n\n21 May 2019\n \nSound Energy plc\n(\"Sound Energy\" or the \"Company\")\n \nTE-10 Well Test Result\n \nExploration Update \n \nInitiation of Structural Cost Reduction Programme\n \nSound Energy, the Moroccan focused upstream gas company, reports that the previously announced TE-10 gas discovery at Tendrara in Eastern Morocco, although having flowed hydrocarbon gas to surface, has not achieved commercial flow rates following the stimulated well test undertaken with Sound Energy's partner, Schlumberger. \n \nThe Company also provides updates on its exploration portfolio in Eastern Morocco and the initiation of a programme to structurally reduce Sound Energy operating expenses.\n \nJames Parsons, Chief Executive Officer, commented:\n \n\"Whilst clearly disappointed with the outcome of the recent well test at TE-10, the team and I are encouraged to have delivered gas to surface from another TAGI discovery and remain confident in the potential of our Eastern Morocco basin. We have now completed the TAGI element of our current exploration programme and expect to update shortly on our forward looking strategy.\"\n \n \nTE-10 Well Test Result\n \nAs previously announced by the Company, the TE-10 exploration well was drilled to a measured depth (\"MD\") of 2,218 mMD, with gas shows greater than background levels observed across the gross TAGI interval, from 1,908 mMD to approximately 2,030m MD. Both internal and external petrophysical interpretations of wireline log data, integrated with FMI (high definition formation micro-imager log), and side wall core analyses, estimated net pay of up to 15.4m in a succession of thinly bedded gas bearing intervals distributed throughout the 110m gross TAGI reservoir interval. The presence of moveable hydrocarbons was further supported by the successful recovery of a gas sample from 1,937 mMD, with no evidence of water, using a modular formation dynamics tester (MDT).\n \nA test programme was designed to assess commerciality, which included perforation of four zones within the gross TAGI interval and stimulation of the uppermost primary zone. The Company announced securing gas to surface pre-stimulation from this primary zone on 8 May 2019.\...