Sound Energy, the Mediterranean focused upstream gas company, has announced signing a binding agreement for the acquisition of additional 50% of operated interest from PetroMaroc Corporation in three onshore gas permits located in Morocco – the ‘Sidi Moktar Licences’.
In addition, Sound Energy has inked Heads of Agreement for a farm out of Sidi Moktar with Culebra Petroleum, which will acquire almost 67% of the company’s subsidiary Sound Energy Morocco South worth $6m, according to Proactive Investors. Under the agreement, Culebra has also committed to investments of up to $18m in the project.
As a Sound Energy press release stated, the Sidi Moktar Licences cover 2,700 sq km in the Essaouira basin, central Morocco and contain a material existing gas discovery in the Lower Liassic – ‘Kechoula’. Two wells have already been drilled at Kechoula and a near term extended well test is awaited prior to expected commercial production.