Sound Energy makes ‘significant’ gas discovery in Morocco
Sound Energy, an upstream gas company with a focus on Europe and the Mediterranean, has today confirmed a “significant” gas discovery at its Tendrara license in north-eastern Morocco.
The first Tendrara well, TE-6, was drilled to a measured vertical depth of 2,665 metres and encountered the top of the structure. The company has said that gas is flowing at a “highly commercial rate” of 17.5m standard cubic feet per day.
"I am absolutely delighted to confirm a material commercial gas discovery at Tendrara and a resounding success at the first of our three Strategic Plays,” said James Parsons, CEO of the company.
The company already has a second well, TE-2, planned for the license area and is further planning for a third in order to confirm the existence of a gas column within a continuous extended structure.
Sound Energy, which is a member of London’s junior market, has a net effective interest of 27.5 percent in the Tendrara license.
“I believe Tendrara, Meridja and the Eastern Morocco TAGI play have the potential to be a material hydrocarbon province on a regional scale and therefore to transform both Sound Energy and the Moroccan gas industry,” Parsons said.
Sound’s partners at Tendrara include Schlumberger, the world’s largest oilfield services company and Morocco’s Oil & Gas Investment Fund.
Hydrostor receives $4m funding for A-CAES facility in Canada
Hydrostor has received $4m funding to develop a 300-500MW Advanced Compressed Air Energy Storage (A-CAES) facility in Canada.
The funding will be used to complete essential engineering and planning, and enable Hydrostor to plan construction.
The project will be modeled on Hydrostor’s commercially operating Goderich storage facility, providing up to 12 hours of energy storage.
Hydrostor’s A-CAES system supports Canada’s green economic transition by designing, building, and operating emissions-free energy storage facilities, and employing people, suppliers, and technologies from the oil and gas sector.
The Honorable Seamus O’Regan, Jr. Minister of Natural Resources, said: “Investing in clean technology will lower emissions and increase our competitiveness. This is how we get to net zero by 2050.”
A-CAES has the potential to lower greenhouse gas emissions by enabling the transition to a cleaner and more flexible electricity grid. Specifically, the low-impact and cost-effective technology will reduce the use of fossil fuels and will provide reliable and bankable energy storage solutions for utilities and regulators, while integrating renewable energy for sustainable growth.
Curtis VanWalleghem, Hydrostor’s Chief Executive Officer, said: “We are grateful for the federal government’s support of our long duration energy storage solution that is critical to enabling the clean energy transition. This made-in-Canada solution, with the support of NRCan and Sustainable Development Technology Canada, is ready to be widely deployed within Canada and globally to lower electricity rates and decarbonize the electricity sector."
The Rosamond A-CAES 500MW Project is under advanced development and targeting a 2024 launch. It is designed to turn California’s growing solar and wind resources into on-demand peak capacity while allowing for closure of fossil fuel generating stations.
Hydrostor closed US$37 million (C$49 million) in growth financing in September 2019.