Sound Enegery, PetroMaroc Reassessed Sidi Moktar Deal

Sound Enegery, PetroMaroc Reassessed Sidi Moktar Deal

Sound Energy, a British oil firm with a focus on Mediterranean and African upstream projects, and PetroMaroc Corporation, an independent oil and gas company, are reassessing their agreement regarding Sound Energy’s acquisition of a 50% operated interest in three onshore gas permits located in Morocco for the Sidi Moktar licenses, Digital Journal reported.

A statement from Sound Energy’s board stated: “the parties wish to ensure that their respective interests are protected in a reasonable and fair manner and have therefore entered into a revised binding agreement under which any proceeds from a sale of the 21,258,008 new Sound Energy ordinary shares to be issued to PetroMaroc as consideration on completion of Sound Energy’s acquisition of the Sidi Moktar Licences will be shared between Sound Energy and PetroMaroc,” according to Digital Look.

In addition, the long stop date for completion of the acquisition has been extended to the end  December 2016 or such later date as is necessary to satisfy the remaining conditions of the agreement.

This comes as Sound Energy had confirmed a significant gas discovery and a potential single gas column at the company’s Tendrara license, onshore Morocco.


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