7th Sep 2015 07:44
LONDON (Alliance News) - Mediterranean-focused upstream gas company Sound Oil PLC on Monday said it has entered into a deal with Mahgreb Petroleum Exploration SA under which it has been granted a two-month period of exclusivity to negotiate the acquisition of a Mahgreb subsidiary.
Sound is looking to acquire a subsidiary of Mahgreb which owns a 25% carried working interest in the Sidi Moktar licence onshore Morocco. The company said the Sidi Moktar licence is located in the Essaouira basin, which contains multiple Jurassic gas discoveries.
Sound said it will start due diligence on the acquisition and will make further announcements when appropriate.
Shares in Sound were up 1.8% to 16.6625 pence on Monday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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