Petroleum Africa
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Tuesday, January 10, 2017
PetroMaroc Corp. completed the disposition to Sound Energy of its 50% working interest in the Sidi Moktar Licenses located in Morocco. The completion includes a consideration for (i) 21,258,008 ordinary shares in the capital of Sound Energy; (ii) granting to PetroMaroc of a 10% net profit interest in any future cash flows from the Kechoula structure within the Sidi Moktar Licenses; and (iii) a 5% net profit interest in any future cash flows from structures within the Sidi Moktar Licenses other than the Kechoula structure.
Campbell Deacon, PetroMaroc’s CEO, commented: “PetroMaroc is pleased to announce the completion of the Sound Energy transaction which creates a strong relationship between PetroMaroc and Sound Energy. 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.”
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