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Immedia Group plc

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Company Description

Sound has evolved into being a onshore Moroccan E & P company with a focus on gas; the gas market in Morocco is attractive in terms of both gas pricing and fiscal regime. The drilling programme is targeting significant prospects that have the potential of providing a step-change in the group's reserves and resources.

Investment Summary

Sound Energy is a Moroccan E & P company. The company has three onshore exploration licences in the country. Activity is currently focused on the Tendrara licence in the east of the country, where Sound is the operator with a 47.5% working interest. This acreage already boosts a 377 BCF gas discovery that is being moved ahead for development. Sound is also in the middle of an exploration programme that is targeting different play types with the intention of looking at the running room in this acreage. Overall the company has prospects with potential gross unrisked recoverable gas reserves and resources of approximately 10 TCF of gas. The other licences are being evaluated with the intention of drilling in subsequent years.

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