Rabat - The British firm Sounds Energy said on Thursday that the results of a test drill in the newly discovered Tendrara gas field exceed capacity expectations, according to a new report by Medias24.
Rabat – The British firm Sounds Energy said on Thursday that the results of a test drill in the newly discovered Tendrara gas field exceed capacity expectations, according to a new report by Medias24.
A 24-hour test, conducted right after the company received an exploration permit from the Moroccan government on Wednesday, revealed a flow rate of 8.8 million standard cubic feet per day.
Last month, Sound Energy’s CEO James Parsons said he believed his company had stumbled upon a “super-giant” gas field in the North African kingdom.
Tendrara’s deposits – located near Morocco’s border with petrostate Algeria – could be equal in magnitude to some of the largest fields in the region, the CEO added.
“Specifically this discovery could be of the order of the Zuhr gas field controlled by [the Italian company] ENI,” he said. The field, which sits off the coast of Egypt in the Mediterranean, is the largest in the oil-rich body of water.
Parsons said the company was in the process of organizing new tests to confirm the results, which suggested large parts of Tendrara sat on the same gas gradient – a rare phenomenon that suggests massive reserves in the area.
Sound Energy’s stock price (SOU) has nearly quadrupled over the past six months on the London Stock Exchange due to the Moroccan discovery.
As a net energy importer, the exploitation of natural gas deposits will contribute to the kingdom’s energy independence.
The nation is set to host the United Nations Convention of the Parties 22 (COP22) in the tourist city of Marrakesh next week.