African and European focused upstream gas company, Sound Energy, has signed a non-binding heads of agreement for the acquisition of all of Oil & Gas Investment Fund’s (OGIF’s) assets in Eastern Morocco, Rigzone informed.
As part of the deal, the OGIF’s Eastern Moroccan assets consist of a 20% interest in Tendrara, a 75% interest in Meridja, and an application for a 75% position in the relinquished area close to Tendrara, according to Energy-pedia. The consideration for the acquisition will be 272 million new ordinary shares in the company, subject to shareholder approval.
Furthermore, OGIF and Sound Energy have also agreed, as part of this transaction, to together identify and secure a low cost and high quality solution for the Tendrara infrastructure, which may include using OGIF’s shareholders to fund the pipeline.
OGIF is a Moroccan fund, owned by six large Moroccan financial institutions, which are Attijariwafa Bank Group (the largest Moroccan bank), CIMR and CDG Group (the largest Moroccan Pension Funds), Finance Com (Investment Company), Mamda-Mcma and Saham (Insurance Companies).