Petroleum Africa
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Monday, September 3, 2018
Sound Energy and its partners, including Schlumberger, have signed a petroleum agreement covering the Tendrara and Matarka areas. The Greater Tendrara Petroleum Agreement has been signed by L’Office National des Hydrocarbures et des Mines (ONHYM), the Moroccan State regulator for petroleum operations and it will come into force on approval of the Moroccan Energy and Finance Ministries.
James Parsons, Sound Energy’s CEO, commented: “I am delighted to announce that we have contractually secured our rights on this potentially transformational acreage up to 2026. We look forward to the approval of our production concession and commencement of our exploration drilling program in the near future.”
The new Greater Tendrara Petroleum Agreement covers an area of approx. 14,500 sq km extending across eastern Morocco and surrounding the development concession application area relating to the Tendrara gas discovery. The new Greater Tendrara Petroleum Agreement will unite the areas covered by the Tendrara petroleum agreement granted in April 2013 and the Matarka reconnaissance license granted in July 2017.
Upon the Greater Tendrara Petroleum Agreement becoming effective, the company will hold an operated 47.5% position. The remaining 52.5% will be respectively held by Schlumberger (27.5%) and ONHYM (25%).
The Greater Tendrara Petroleum Agreement will have a duration of eight years from award and will be divided into three phases, with each phase having pre-agreed work commitments.
The work commitments under the Greater Tendrara Petroleum Agreement will be an initial period of four years with two exploration wells drilled. It is expected that the approaching TE-9 and TE-10 wells will fulfil this commitment.
The optional first complementary period of two years includes one exploration well with the minimum Triassic objective. There is also an exploration well required in the optional second complementary period of 2 years with the minimum Triassic objective.
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