Sound Energy (Sound) is still looking for a partner to farm in Sidi Moktar Onshore permit in Essaouira Basin. The farmout process, started in early June 2018, is an opening to high impact short term exploration opportunities in the region. Following the farm-out process, the company intends to keep the operatorship of the permit.  Sound, through its local subsidiary Sound Energy Morocco South Ltd, holds a 75% stake and the Sidi Moktar licence operatorship, ONHYM holding the remaining of 25% interest.   In April 2018, Sound was granted an exploration contract for Sidi Moktar blocks, with the Ministry Signature signed in June 2018. The Agreement encompasses 4,500 sq km covering three blocks (Sidi Moktar I, Sidi Moktar II and Sidi Moktar III) known before as Sidi Moktar Nord, Sud and Ouest.   The eight-year award was divided into three phases each with pre-agreed work commitments.     Initial      period (two years and six months): acquire and process 500 km of 2D      seismic data, a short well test of the Koba-1 well and the abandonment of      the Koba-1 and Kamar-1 wells if required.   Optional      first complimentary period (three years): one exploration well with a      minimum Liassic objective and the acquisition and processing of 150 sq km      of 3D seismic data.   Optional      second complimentary period (two years and six months): one exploration      well with a minimum Liassic objective.    The Operator focuses on deeper pre-salt Triassic and Paleozoic plays which may contain significant prospective resources, in excess of the volumes discovered in the shallower deposits.   Virtual data rooms are open and physical data rooms are available on request. For further information: John Argent â j.argent@soundenergyplc.com.   Background Information  Initially awarded to PetroMaroc in June 2014, Sound Energy farmed-in all three Sidi Moktar licences (Sidi Moktar Sud, Ouest and Nord) for a 25% stake in October 2015. In January 2017, PetroMaroc chose to sell all its remaining interest and the operatorship of Sidi Moktar permits to Sound. Between January and August 2017 when the contracts were relinquished ahead of schedule, Sound was the Operator of all three contracts. In November 2017, Sound Energy reported that the results of a study undertaken by Echo Geoscience Management (EG) had significantly enhanced the company's view of the exploration potential and confirms the substantial upside of this pre-salt play of the Sidi Moktar permits. 28 Liassic, Triassic and Paleozoic leads were defined and mapped. The Company was re-awarded for a sole contract, Sidi Moktar Onshore, covering all three Sidi Moktar Sud, Nord and Ouest blocks. The new permit holds a potential best case of 8.9 Tcf with a high of 11.2 Tcf and a low case of 6.7 Tcf, unrisked gas originally in place (gross). The potential lies within 11 of the pre-salt Triassic and Paleozoic leads ranging in size individually from 200 Bcf to 2.5 Tcf.    Sidi Moktar Onshore permit contains an existing gas discovery in the Lower Liassic (Kechoula) and is located close to existing infrastructure and gas market, including the Office ChÃ©rifien des Phosphatesâ (OCP) phosphate plant.
Morocco (Essaouira B.) Sidi Moktar II op. by SOUND EN (75%), ONHYM (25%)