LONDON (ShareCast) - (ShareCast News) - Sound Energy's shares fell a little more than 2% after issuing updates on it Badile exploration well in Italy, and TE-8 well in Morocco.
It said the onshore Badile exploration well had been drilled to the second casing point at a measured depth (MD) of 1407 metres and that the 16-inch casing was being set and cemented in the Pleistocene Asti Sands formation.

"The company will now proceed to drill towards the third casing point at an MD of approximately 2,600 metres," it said in a statement.

Sound Energy said onshore TE-8, the third Tendrara well, had been drilled to a final target depth at a MD of 3120m, corresponding to a vertical depth of 3066m, some 359m into the Paleozoic formation.

As announced this month in relation to TE-8, Sound Energy said drilling operations had earlier confirmed the presence of a TAGI sand sequence commencing at an MD of 2643 metres and that gas shows had been observed.

"The company confirms that it has observed further gas shows during subsequent drilling operations, but cautions that logging has not yet occurred and that gas shows, although a positive initial indication, should not be considered conclusive without further wireline logging and analysis."

Sound Energy would now progress with a full data acquisition programme of five wireline logging runs, including the pressure and fluids sampling acquisition, after which the results of the well would be announced.

At 13:38 GMT, shares in Sound Energy were down 2.06% to 83p each.

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