Sound Energy has signed a binding heads of terms agreement with Schlumberger to extend the existing field management agreement (FMA) between the two companies by including Meridja and the Tendrara relinquished areas onshore Morocco, Hydrocarbons Technology reported.
Under the FMA extension, Schlumberger will be granted a 27.5% working interest in the Meridja area and the Tendrara Relinquished Area(s) respectively. In exchange, Schlumberger has agreed to contribute with services to cover the agreed scope of Sound Energy’s forthcoming Eastern Moroccan geophysical program, estimated at $27.2m, according to Your Oil and Gas News.
The Eastern Moroccan geophysical program includes the acquisition and processing of approximately 2,600km of new 2D seismic and 24,000 square kilometers of Gravity Gradiometry. The seismic acquisition program will cover the TAGI and Paleozoic across the Tendrara and Meridja areas.
Sound Energy plans to complete the program over a twelve-month period in stages, with each stage outputting an updated prospect inventory, which will undergo review by an independent competent person.