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Wednesday, September 9, 2015
Sound Oil released the results of the technical evaluation of its Tendrara license in Morocco. The evaluation was completed by SLR Consulting.
The license holds an existing discovery, the TE-5/Lakbiir structure with best estimate contingent resources of 170.8 Bcf of gas and 0.47 million barrels of condensate. Additional exploration best estimate prospective resource of 740.2 Bcf (2.4 Tcf High Estimate and 200 Bcf Low Estimate) across the remainder of the license area.
In June the company agreed to farm in to the Tendrara license and will, upon completion of the farm in, acquire a net working interest of 55% and operator ship of the license.
Sound Oil’s 55% working interest will be granted in two tranches, with an initial 37.5% awarded on completion of the farm in and the remaining 17.5% being granted once Sound Oil commits to a second exploration phase (which would include a second well).
Sound Oil is making preparations to drill a well on the Tendrara. In anticipation of drilling the company has opened an office in Rabat and has completed the recruitment of an in-country technical team. The Moroccan team, led by the company’s Moroccan MD, Luca Madeddu, now includes a drilling manager, a permitting liaison manager, and a finance manager.
The US Department of State has issued a warning to its citizens of possible attack in South Africa by “extremists”.
A statement posted on the embassy in South Africa’s website said there was a possibility of attack by “extremists” against US facilities or interests in South Africa. The statement offered no information on a specific target, but did advise US citizens to review personal security plans and maintain vigilance.
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