Sound Energy PLC has won regulatory approval from Moroccan authorities to take control of 75% interest in the Sidi Mokhtar onshore licenses, The North African Post reported.
The Acquisitions consisted of a 50% operated interest in the Sidi Moktar licenses from PetroMaroc Corporation Plc (PetroMaroc) and the acquisition of a 25% working interest in the Sidi Moktar licenses from Maghreb Petroleum Exploration S.A. (MPE). Following the Acquisitions, the remaining 25% interest in the Sidi Moktar licenses is held by Morocco’s Office National des Hydrocarbures des Mines (ONHYM), according to Your Oil and Gas News.
Sound Energy, the African and European focused upstream gas company, said in a statement that the deal consists of three onshore gas permits known as the “Sidi Moktar Licenses” covering 2,700 sq.km in the Essaouira basin, central Morocco, and contains a material existing gas discovery in the Lower Liassic, where two wells have already been drilled, and significant Triassic exploration potential.
This deal comes as Sound Energy recently confirmed the success of a second TE-7 gas well lying only 1.6km away from its TE-6 first well.