Petroleum Africa
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Sunday, January 22, 2017
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.
The company plans to acquire a further 20% interest in Tendrara, a 75% interest in Meridja and an application for a 75% position in the relinquished area close to Tendrara.
OGIF is a Moroccan fund, owned by six large Moroccan financial institutions. The consideration for the acquisition will be 272 million new ordinary shares in the company, subject to shareholder approval.
“Morocco is a fast growing and low risk emerging country with significant hydrocarbon potential,” Mohammed Benslimane, CEO of OGIF’s management company, said.
“This new partnership aligns the interests of OGIF and Morocco’s largest financial institutions with those of Sound Energy. We see huge short term upside potential in the equity of Sound Energy and look forward to what will certainly be a successful future together,” he added.
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