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Wednesday, January 27, 2016
PetroMaroc Corp. reached a non-binding heads of agreement with Sound Energy under which Sound Energy partners with PetroMaroc on onshore gas licenses located in Morocco, specifically the Sidi Moktar Licenses.
The Heads of Agreement contemplates a transaction pursuant to which Sound Energy would acquire the Sidi Moktar Licenses in consideration for issuance to PetroMaroc of ordinary shares in the capital of Sound Energy with a market value of £3.650 million and the granting of PetroMaroc a 10% net profit interest in any future cash flows from the Kechoula structure within license. PetroMaroc would also receive a 5% net profit interest in any future cash flows from structures within the Sidi Moktar Licenses other than the Kechoula structure.
D. Campbell Deacon, PetroMaroc’s chief executive, commented: “This transaction creates a strong partnership between PetroMaroc and Sound Energy whereby both parties are incentivized to develop the Sidi Moktar licence and PetroMaroc is positioned to leverage off Sound Energy’s operating capability in country and balance sheet whilst retaining material upside. We look forward to the near-term testing of Kechoula by the joint venture.”
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