Sound Energy completes survey of Moroccan assets

Oil and gas firm Sound Energy announced on Monday it had completed airborne full tensor gravity gradiometry (FTG) and magnetic data acquisitions of its assets in Eastern Morocco which returned "highly encouraging results".

The survey, conducted by AustinBridgeporth, covered a total of 26,700 survey line kilometres, across 22,800 square kilometres, over Sound Energy's Tendrara, Matarka and Anoual licences in just under three months.

Sound Energy also noted that, along with the survey, a recently launched 2D seismic programme was commissioned to develop a better understanding of the subsurface structure and sedimentary succession.

Preliminary high-resolution FTG and magnetic datasets received by the company, delivered on time and to budget, included the delineation of previously unrecognised subsurface features and a clearer view of the deeper structure of the three licences.

A note issued to investors read, "Preliminary data provides a far more detailed view of a deep, thick Paleozoic basin extending over the three permit areas, bounded by a series of NE-SW and NNE-SSW faults. The NNE-SSW fault trend is coincident with the Paleozoic anticline identified on 3D seismic beneath the TE-5 Horst."

TE-5 Horst was Sound Energy's possible third well location in its 2018 exploration programme.

As of 1130 GMT, shares had gained 0.49% to 51.00p.