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Sound Energy shares soar on latest Tendrara well success

It has confirmed additional gas reservoirs in the well and a testing programme is now being prepared
oil and gas operations
Well testing is expected in February

Sound Energy PLC (LON:SOU) shares jumped more than 20% after it confirmed discoveries in the TE-10 exploration well in the vicinity of the Tendrara gas project.

The company this morning announced it had completed the drilling of the TE-10 well which identified gas bearing sands.

In Monday morning’s deals, Sound rose 4.5p or 21.4% to change hands at 25.5p.

READ: Sound Energy has better luck with TE-10 well at Tendrara

The reservoirs were observed within and below the currently mapped TAGI structural closure which potentially de-risks upside in the North East Lakbir across the Tendrara project area, the company noted.

It added that the North East Lakbir stratigraphic trap was estimated, pre-drill, to have some 2.7 trillion cubic feet of gas originally in place in the mid-case (4.5 TCF in the upside, and 1.5 TCF in the low case).

The well, which was drilled to a total depth of 2,218 metres, additionally identified thin bedded net pay and a gas sample was recovered to surface.

In late December, the company previously announced preliminary results and logging from the well, indicating up to 10.5 metres of pay. It has subsequently conducted higher definition analysis of the results, and, it said that quantification of the well’s overall net pay is currently underway.

Moreover, the company highlighted the positive findings of its ongoing analysis.

Sound said: “The company can confirm that the gas shows observed extend below the currently mapped structural closure at approximately 1,958m measured depth.

“This suggests the gas accumulation may extend updip into the stratigraphic trap. Seismic interpretation and modelling are underway to assist with internal estimates of gas resources within the discovery.”

Sound is now advancing plans to conduct a well test, due to take place in 2019.

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