16th Oct 2018 09:48
LONDON (Alliance News) - Morocco-focused gas firm Sound Energy PLC said on Tuesday it has gained ministerial approval for its eight-year Greater Tendara Petroleum Agreement.
At the end of August, Sound Energy signed an agreement with its partners, including Schlumberger, covering the Tendara and Matarka areas, comprising 14,500 square kilometres.
Sound Energy will hold a 47.5% stake, while Schulmberger takes up 27.5% and L'Office National des Hydrocarbures et des Mines a 25% holding.
The work commitments under the agreement includes an initial period of four years, with two exploration wells drilled, and two optional periods of two years each, during which one well will be drilled per period.
"I am delighted to announce receipt of approval from the Moroccan Energy and Finance Ministries for the Greater Tendrara petroleum agreement and that, as a result, the Greater Tendrara petroleum agreement has now become effective - securing Sound Energy's rights to this potentially transformational acreage up to 2026. We look forward to commencement of our exploration drilling programme in the near future," said Chief Executive Officer James Parsons.
Shares in Sound Energy were up 1.7% at 37.32 pence on Tuesday.
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