Petroleum Africa
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Tuesday, February 13, 2018
Sound Energy saw the award of an eight-year petroleum agreement relating to the area currently covered by the Sidi Moktar onshore exploration permits in central Morocco’s Essaouira Basin. The Petroleum Agreement was granted to Sound Energy by ONHYM, the Moroccan state regulator for petroleum operations, and will come into force on approval of the Moroccan Energy and Finance Ministries.
The Sidi Moktar Petroleum Agreement covers a large area extending across and beyond the permits that were formerly known as the Sidi Moktar Nord, Sud and Ouest Permits. The new Sidi Moktar Petroleum Agreement covers some 4,499 sq km and will be named Sidi Moktar Onshore. Upon the agreement becoming effective, Sound will hold an operated 75% position in Sidi Moktar Onshore. The remaining 25% will be held by ONHYM.
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