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'A great deal of support' for Sound Energy PLC, says Cantor's Sam Wahab

Sound Energy PLC (LON:SOU) has raked in more than it anticipated in a fundraiser that allowed private investors to participate alongside City institutions.

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.

Quick facts: Sound Energy PLC

Price: 1.55 GBX

AIM:SOU
Market: AIM
Market Cap: £18.01 m
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Sound Energy entering increasingly busy period with multiple work-streams...

Proactive Investors oil and gas correspondent Jamie Ashcroft spoke to Andrew Scott as shares in the Morocco-focused gas junior Sound Energy PLC (LON:SOU) enjoyed a 25% rise this week after the company issued five stock market statements in five days. The daily communications included...

on 8/6/18

2 min read