Continental Focus, International Reach

Sound Completes Morocco Stake Conversion with Schlumberger

Sunday, April 21, 2019

Sound Energy, the Morocco-focused upstream gas company, announced that the process to convert Schlumberger’s existing 27.5% interest in the Anoual permits to a direct 27.5% license position has completed following receipt of the relevant Moroccan Ministerial approvals.

The company’s unchanged interest in the Anoual permits consists of an operated 47.5% participating interest, with the remaining interests in the Anoual permits held by Schlumberger (27.5%) and Morocco’s L’Office National des Hydrocarbures et des Mines (25%).

This most recent conversion concludes the process of converting Schlumberger’s previously synthetic interests across the company’s Eastern Moroccan exploration portfolio to direct license positions. Schlumberger now has a direct 27.5% licence interest in the Greater Tendrara Petroleum agreement, as previously confirmed, and the Anoual permits.

The process to convert Schlumberger’s 27.5% existing interest in the Tendrara production concession, which contains the TE-5 Horst discovery, is ongoing. Further announcements will be made, as appropriate, in due course.