I’m travelling today so a quick note on the above.
Sound (SOU) has announced a 3-well exploration programme in Eastern Morocco which has “the potential to significantly increase the value of their core acreage”.
The three wells, which will be drilled back to back, will target high impact locations with significant exploration potential.
The aim of the programme is to unlock the company’s internally estimated unrisked gross GOIP volumes in Eastern Morocco of 17 TCF mid case (31 TCF high case, 9 TCF low case) already announced.
The wells, which will cost around $10 million (£7.5 million) each, will target multiple target types across structural and stratigraphic traps and Triassic and Paleozoic reservoirs in the ‘A’ structure, North-East Lakbir and beneath the TE-5 Horst.
Following its recent geophysical programme of aerial Gradiometry , 2D seismic surveys and reprocessing, along with geological studies, Sound is kicking on with its exploration programme “with a view to rapidly and materially increasing its discovered volumes in Eastern Morocco and enabling right-sizing of the planned facilities”.
There is no doubt that Sound and it’s partners have decided to move ahead with the plan to establish Eastern Morocco as a “prolific but low cost province, on the doorstep of large and growing energy markets”. With a major presentation to investors tomorrow Sound is remaining very much on the front foot.
A quarterly up from Echo (ECHO) this morning in which it announces a new strategic alliance with Zenith Energy (ZEN) and the appointment of a regional drilling manager.
The last quarter has seen a lot going on in Bolivia which involves building a representative platform in the region. The update also states that the management have been “very active on the business development front” which for regulatory and strategic reasons they are unable to comment on at this stage but will announce when appropriate.
Zenith Energy is to work alongside Echo in the important well planning and permitting at the Huayco blocks in Bolivia and will be a key strategic partner in that process. The appointment of Daniele Polignano as regional drilling manager based in Santa Cruz adds another experienced hand to the rapidly growing team.
Echo are giving a presentation to investors tomorrow and as I understand that they are flying in from Buenos Aires there may be some weary faces on the podium…
This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.