Developments at Tendrara lead to rise in Sound Energy shares
Following its recent share price increase, Europe and Mediterranean focused upstream gas company Sound Energy was forced to update the market on developments at its Tendrara licence on Monday.
FTSE AIM All-Share
729.82
16:44 14/11/24
n/a
n/a
Oil & Gas Producers
7,938.55
16:38 14/11/24
0.88%
69.09
Sound Energy
0.72p
16:30 14/11/24
-3.20%
-0.02p
The AIM-traded firm said it was continuing with rigless operations and, having now secured contact with a significant portion of the net pay, is pleased to announced that it has already achieved a “very significant” gas flow rate which is in the process of stabilising during the cleanup process.
“The rate is already highly commercial and well above initial expectations,” Sound’s board said in a statement.
“The company will now finalise the rigless operations and make further announcements, as anticipated, within approximately two weeks time.”