The British company announced earlier that it acquired gas assets from Morocco’s National Office of Electricity and Drinking Water (ONEE).
The company explored important quantity of hydrocarbon in the new well, suggesting that the firm might explore new important assets in the region of 5 to 20 million square meter.
International news outlets, including Shares Magazine said that the UK-based company is reporting a positive result oil exploration.
According to reports, the company expressed its satisfaction with the test, emphasizing that it is “delighted to report that it has secured hydrocarbon gas to surface from within the primary shallow zone, a section of which was perforated from 1932 to 1938 metres.”
The company announced that it achieved satisfactory results “without stimulation or artificial lift.”
Earlier this month, the Sound Energy announced it received a gas sale proposal from Moroccan power firm the National Office of Electricity and Drinking Water (ONEE).
The company also expressed satisfaction with the proposal, adding that the offer helped its shares to rise after informing investors of the ONEE deal.
Provocative investors reported that the offer was non-binding.
In August 2018, Morocco’s government approved a permit for the firm to start drilling a fourth well in the region with an eight-year term, taking effect from October 2019.