Petroleum Africa
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Thursday, October 22, 2015
Sound Energy has entered into a MoU with Schlumberger in regards to a strategic relationship between the two across Europe and Africa. The company also entered into a term sheet with Schlumberger Production Management (SPM), the production management arm of Schlumberger regarding the Tendrara license, onshore Morocco.
The non-binding term sheet represents the first preliminary agreement to be entered into under the MoU and where it is envisaged that, subject to the execution of a definitive project agreement, SPM will collaborate with Sound on the Tendrara license in Morocco. This collaboration would include SPM providing integrated technical services on a risked basis with an upside linked to production performance.
James Parsons, Sound Energy’s CEO said “I am extremely pleased to announce a strategic collaboration between Sound Energy and one of the world’s leading companies in our sector. This relationship is expected to jointly fund and technically de-risk multiple assets across Sound Energy’s current portfolio whilst also enabling our ambitious expansion across Europe and Africa.”
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