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Tuesday, July 24, 2018
Sound Energy, following the initial success of its program in Eastern Morocco and in anticipation of its upcoming drilling program, initiated the process of converting Schlumberger’s 27.5% synthetic interests in the TendraraLakbir permits, the Anoual permits, and the Matarka reconnaissance licenseinto27.5% JV license participating interests.
Sound will remain the operator of the acreage following the conversion of the interests.
In accordance with Moroccan requirements, the conversion of Schlumberger’s interests are subject to the approval of the license JV partners and the relevant Moroccan ministries.
Sound’s interests in the Eastern Morocco portfolio consist of an operated 47.5% participating interest. The remaining interests are held 27.5% by Schlumberger pursuant to an existing Field Management Agreement entered into with the company (prior to the interest conversion now initiated) and 25% by Morocco’s L’Office National des Hydrocarbures et des Mines.
Sound Energy also confirms that it has entered into a revised Field Management Agreement with Schlumberger which re-confirms the parties’ materially unchanged working relationship post-conversion and their intention to continue to collaborate strategically across their interests in the Eastern Morocco portfolio, including in relation to the development of the existing Tendrara discovery and to the drilling at Tendrara, where Sound Energy and Schlumberger have now approved the first two defined wells, namely TE-9 and TE-10.
Following the recent application for a development concession relating to the Tendrara gas discovery (the Development Concession), Sound Energy and its license JV partners intend to apply for a new eight-year petroleum agreement over the entire, combined, Eastern Morocco Portfolio area (except the areas relating to the Development Concession and to the Anoual petroleum agreement) shortly.
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