European/Mediterranean focused upstream gas company Sound Energy has exercised its option to acquire a 55 percent participating interest in the Meridja exploration permit, onshore Morocco, from Oil & Gas Investment Fund S.A.S.
The Meridja license area is adjacent to the Tendrara license and is “a highly prospective 9,000 Km2 (3,474 miles squared) area with the same fundamental geology as Tendrara,” according to a company release. The deal is subject to regulatory and other approvals.
“The company continues to pursue its counter-cyclical growth strategy and to evaluate selective opportunities to complement its existing portfolio,” said Sound Energy in a company statement on its website.
In addition to the news on Meridja, Sound revealed that the preliminary petrophysical analysis of the first Tendrara well confirmed the presence of a number of gas bearing levels and a total net pay of 91 feet in the TAGI reservoir. This is ahead of initial expectations.
Sound plans to drill a second well at Tendrara in the near future.
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