Petroleum Africa
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Sunday, July 23, 2017
Sound Energy provided an update on its Eastern Morocco acreage following the OGIF acquisition, which is expected to be complete shortly. The company said that the acquisition of the various licenses in Eastern Morocco is progressing. Sound expects completion at the end of Q3.
As announced on February 20 the acquisition will see Sound acquire: (i) a further 20% interest in the Tendrara exploration permits; (ii) rights to apply for a 75% operated interest in an exploration permit for the Meridja area (over which Sound had previously exercised an existing option to acquire a 55% operated interest, conditional on regulatory approval); and (iii) an application and/or rights to apply for a 75% position in certain relinquished area(s) of the Tendrara exploration permit areas. On completion, OGIF will be issued with 272 million new ordinary shares in the company.
Various new license agreements have now been entered into by the company and Morocco’s state-run oil and gas firm ONHYM. These agreements will come into force at the same time as completion of the acquisition, which is now only pending approval of the Moroccan Energy and Finance ministries.
The first agreement relates to the Petroleum Agreement covering what is currently known as the Meridja reconnaissance area. The acreage covered by this new Petroleum Agreement, spans some 8,863 sq km and will be named Anoual. Upon completion, Sound will hold an operated 75% position, of which 27.5% is shared with Schlumberger resulting in a net 47.5% position for the company. The remaining 25% will be held by ONHYM. The Anoual exploration permit will have a duration of eight years from grant and, as with all Moroccan licenses, will be divided into three phases with each having pre-agreed work commitments.
The second agreement relates to a new reconnaissance exploration license for the previously relinquished Tendrara acreage, which will also come in to effect on completion of the acquisition. This new reconnaissance acreage, covering 5,185 sq km, will be named Matarka. Sound will hold an operated 75% position, of which 27.5% is shared with Schlumberger, also resulting in a net 47.5% position for the company. The Matarka reconnaissance license will have a duration of one year from issue. The work commitments on the Matarka License will include a FTG aerogradiometry survey, which will also be provided, and funded, by Schlumberger. After the one-year period of the Matarka License, the company has the right to apply for a full exploration permit.
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