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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Sound Oil plc       GB00B09VL556

SOUND OIL PLC

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Sound Energy : to cut expenses by 50% after failed Morocco well test

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05/23/2019 | 01:30am EDT

Sound Energy announced that its TE-10 gas discovery at Tendrara in Eastern Morocco did not produce commercial flow rates. During a stimulated well test undertaken with Schlumberger, gas flowed to the surface, but did not achieve a commercial flow rate.

The company announced that with two exploration wells in its three well exploration programme concluded, it has "initiated a structural cost reduction programme aimed at materially reducing the Company's ongoing operating expenditure, including reductions in staff numbers and staff costs."

It expects to reduce its general and administrative expenses by more than 50%.

"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," said Sound Energy CEO James Parsons. "We have now completed the TAGI element of our current exploration programme and expect to update shortly on our forward looking strategy."

Sound Energy's portfolio in Eastern Morocco includes the Tendrara Production Concession and 24,000sqkm of exploration acreage. The company will make a final investment decision on the TE-5 Horst discovery towards the end of 2019.

(c) 2019 ITP Business Publishing Ltd. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Managers
NameTitle
James Parsons Chief Executive Officer & Director
Simon Howard Davies Independent Non-Executive Chairman
John Joseph Traynor Chief Financial Officer & Director
Marco Fumagalli Independent Non-Executive Director
Richard Thomas Liddell Independent Non-Executive Director
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