21st Oct 2015 09:25
LONDON (Alliance News) - Sound Energy PLC Wednesday said it has signed a memorandum of understanding with Schlumberger Oilfield Holdings Ltd and a term sheet with the latter's production management arm Schlumberger Production Management.
The MoU is in respect of the strategic relationship between the company and Schlumberger across Europe and Africa, Sound Energy said, while the term sheet is regarding the Tendrara licence in Morocco.
Sound Energy said the non-binding term sheet represents the first preliminary agreement to be entered into under the MoU and where SPM will collaborate with the company on the Tendrara licence in Morocco. This collaboration would include SPM providing integrated technical services on a risked basis with an upside linked to production performance.
Schlumberger is the world's largest oilfield services company and a supplier of technology, project management and information services to the oil and gas sector worldwide.
"I am extremely pleased to announce a strategic collaboration between Sound Energy and one of the world's leading companies in our sector. This relationship is expected to jointly fund and technically de-risk multiple assets across Sound Energy's current portfolio whilst also enabling our ambitious expansion across Europe and Africa," Chief Executive James Parsons said in a statement.
Shares in Sound Energy were trading up 3.1% at 16.50 pence Wednesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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