LONDON (ShareCast) - (Sharecast News) - Preliminary results from Sound Energy's wireline logs at its TE-10 well on the Tendrara project in eastern Morocco indicated the presence of gas-bearing sands in the Triassic reservoir.
The Morocco-focused upstream gas company revealed on Thursday that preliminary interpretation of data from its recent exploration project had provided it with an estimated net pay of 10.5 metres at an average porosity of 8%.

Sound's solid results follow a lacklustre performance by its previous exploration well TE-9, which was plugged and abandoned after its inability to encounter producible gas.

Chief executive James Parsons said: "These positive initial results underscore our confidence in the exploration potential across the broader basin."

"We will now finalise the logging, drill to TD and then test the well to better understand the scale of the discovery and seek to confirm commercial flow rates."

Sound also said it would begin a seismic analysis in order to establish the well's internal estimated gas resources, while drilling of its third well, TE-11, was expected to kick off after testing at TE-10 was wrapped up.

As of 0900 GMT, Sound Energy shares had shot up 13.35% to 15.59p.

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