Sound Oil has entered into a farm in agreement with the Moroccan Oil and Gas Investment Fund in relation to the Tendrara licence, onshore Morocco.
•Large scale onshore Moroccan gas discovery with very significant exploration upside
•Proven hydrocarbon system with seven wells drilled to date, of which five discovered hydrocarbons and two were tested successfully
•Sound Oil will acquire, upon completion, a 55% net working interest and operatorship of the Tendrara Licence
The Tendrara Licence
The onshore Tendrara Licence includes two stranded gas discoveries with low risk appraisal potential and significant (multiple Tcf) blue sky exploration upside. Preliminary internal estimates of existing discovery volumes are broadly comparable to estimated volumes (post a successful drill) at the Company's Badile licence in Italy.
The Tendrara Licence area covers eight blocks across a total of 14,500 square kilometres in the North East of Morocco. The underlying Trias Argilo-Gréseux Inférieur (TAGI) reservoir is a continuation of the Algerian Triassic Province capped by salt and underlain by Paleozoic source rocks.