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LONDON (Alliance News) - Sound Energy PLC said Monday further pressure data from well TE-7 at Tendrara gives the company "additional confidence" for the development plan at TE-5, which remains subject to a final investment decision.
The Moroccan focused upstream gas firm said the latest pressure measurements show a current reservoir pressure of 413.4 bars at well TE-7 with the pressure continuing to increase towards the original reservoir pressure of 422.6 bars confirmed in July 2017.
The pressures measured over time at TE-7 have led Sound Energy to estimate the gas in place at the well exceeds 115 billion standard cubic feet compared to 40 Bscf in 2017.
Sound Energy, in a statement, said: "The significant increase in the company's estimates of minimum gas originally in place connected to the TE-7 well provides support for the company's field development plan consisting of a number of horizontal stimulated production wells spaced to optimise recovery."
Shares in Sound Energy were up 4.1% Monday at 23.95 pence each.
