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Tuesday, December 13, 2016
PetroMaroc Corp. reported that it has received all required ministerial approvals in Morocco for the disposal of its 50% operated interest in the Sidi Moktar Licenses to Sound Energy. This is pursuant to the terms of the sale and purchase agreement dated March 8, 2016 with Sound Energy, as amended.
The completion of the transaction now remains subject to the release of the residual $1.8 million of the Sidi Moktar Bank Guarantee restricted cash, which is currently held in escrow, and receipt of the final approval of the TSX Venture Exchange.
PetroMaroc and Sound Energy continue to work together collaboratively to ensure the smooth transition of the Sidi Moktar Licenses.
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