Sound Energy, the Moroccan focused upstream gas company, on Tuesday said it has initiated a farm out process for its Sidi Moktar onshore licence in central Morocco after receiving ministerial approval for the permit.
The Sidi Moktar Onshore Petroleum Agreement, awarded to Sound Energy in February this year with a 75 per cent operator interest, covers some 4,499 square kilometres. The remaining 25 per cent interest in Sidi Moktar is held by Morocco's Office National des Hydrocarbures et des Mines (ONHYM).
During 2018, the company completed a subsurface evaluation of the Western area of the permit and is close to finalising the mapped portfolio and comprehensive Petroleum System Model over the entire area.
Sound is initiating the formal farm out process after completing the evaluation and witnessing significant inbound third party interest with the objective of funding the forward 2018 work programme at Sidi Moktar, the company said in a statement.
In November, the company announced its initial volume estimates of the exploration potential of Sidi Moktar, following an independent preliminary technical evaluation.
The study mapped a portfolio of 28 Liassic, Triassic and Paleozoic leads in a variety of hydrocarbon trap types across the Sidi Moktar Onshore permit areas and highlighted an exploration potential best case of 8.9 Tcf with a high of 11.2 Tcf and a low case of 6.7 Tcf, unrisked gas originally in place (gross). In addition, Sidi Moktar contains an existing gas discovery in the Lower Liassic (Kechoula) and is located close to existing infrastructure and gas demand, including the large-scale Moroccan state owned OCP Phosphate plant.