Speaking to Proactive, Cantor Fitzgerald‘s oil analyst Sam Wahab says: ”An oversubscribed and underwritten placing announced yesterday and today, that’s just over £26 mln in the coffers and they only set out to raise £24.1 mln – and at a very modest discount as well”.
”It does show there’s a lot of support both from private retail investors as well as City institutions”.
On Thursday, Sound said its first horizontal well flowed at 32mln standard cubic feet of gas a day and could eventually go “significantly above” 40mln standard cubic feet.
Sam Wahab says ‘It’s very material for Africa in general but certainly for Morocco”
”This is very, very important for them”.
”It shows that they can produce at significant rates from the existing acreage – I suppose looking further ahead the key focus for investors will be the outpost well which will be TE-8 and I suppose that would determine how large this field is”, Wahab adds.
Story by ProactiveInvestors