Sound Energy has agreed to buy 75% of stakes in the Sidi Moktar onshore gas field in Morocco, Proactive Investors reported. Sound will purchase 50% of the operated interest now owned by PetroMaroc, after having acquired a 25% stake from Maghreb Petroleum earlier in January. Sound Energy is to progress with a campaign that could result in first gas during 2016.
Sidi Moktar is a huge 2,700 sq km prospect in the Essaouira basin in central Morocco. The field contains material gas discovery in the Lower Liassic formation called Kechoula with an estimated unrisked 293bcf of gas and potentially a further 1tcf.
The company is currently in talks with farm-in partners. James Parsons, Sound’s CEO, said that “Sound Energy can now proceed to dovetail operations at Sidi Moktar with those planned at Tendrara – with the potential for material production from Sidi Moktar during 2016.”