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Sound Oil is an oil and gas exploration and production company, with exploration interests in Indonesia.
Sound Oil has announced a proposed farm-in to earn a 55% working interest in the onshore Moroccan licence, Tendrara, in exchange for funding three wells, only the first of which is a firm commitment. We see Tendrara licence as offering multi-Tcf potential, as the licence contains two existing gas discoveries with potential upside from further appraisal and a number of additional exploration prospects. In our view this deal represents an excellent opportunity for Sound to both appraise and develop an onshore gas play in Morocco, broadening the group’s strategy in Mediterranean gas whilst diluting its 100% exposure to Italy.