19th Nov 2019 14:08
(Alliance News) - Morocco-focused gas company Sound Energy PLC on Tuesday said it received approval of an impact assessment at its onshore Sidi Moktar permit near Marrakesh.
The company is eyeing a 2D seismic data acquisition programme at the permit, which has an area of 4,712 square kilometres.
Sound Energy said: "This approval, which concerns 25 territorial communes of the province of Essaouira and 11 territorial communes of the province of Chichaoua, is an important step in the local permitting process and enables the company to continue its preparations for the forthcoming seismic acquisition campaign."
Sound Energy announced the award of the eight-year petroleum agreement at onshore Sidi Moktar on February 2018.
Sound said it will hold a 75% stake in the project, with the rest being held by Morocco's petroleum regulator.
Shares in the company were 1.1% higher at 3.54 pence each in London on Tuesday afternoon.
By Eric Cunha; [email protected]
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