Flash note: Tendrara farm-in proposal agreement
Sound Oil has announced a proposed farm-in to earn a 55% working interest in the onshore Moroccan licence, Tendrara, in exchange for funding three wells, only the first of which is a firm commitment. We see Tendrara licence as offering multi-Tcf potential, as the licence contains two existing gas discoveries with potential upside from further appraisal and a number of additional exploration prospects. In our view this deal represents an excellent opportunity for Sound to both appraise and develop an onshore gas play in Morocco, broadening the group’s strategy in Mediterranean gas whilst diluting its 100% exposure to Italy.Sound Energy is the holding company for a group of companies whose principal activities are the exploration, appraisal and development of oil and gas assets to first production and the operation of producing assets. Co.'s principal areas of activity are in Italy and Morocco.
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