Sound Completes OGIF Buy

Wednesday, September 13, 2017

Sound Energy has completed its acquisition of Oil & Gas Investment Fund, or OGIF, in Eastern Morocco following the approval in relation to the Anoual and Tendrara license areas.

As a result, the company now holds an operated 75% position, of which 27.5% is shared with Schlumberger resulting in a net 47.5% position for the company, in the Tendrara petroleum agreement. Further, it now has an operated 75% position, of which 27.5% is shared with Schlumberger resulting in a net 47.5% position for Sound in the Anoual petroleum agreement (formerly the Meridja reconnaissance area); and an operated 75% position, of which 27.5% is shared with Schlumberger resulting in a net 47.5% position for the company, in the Mararka reconnaissance exploration license (covering the previously relinquished Tendrara acreage).

In consideration, Sound will now issue 272,000,000 new ordinary shares to OGIF. The issue of the Consideration Shares, which represent 27.0% of the company’s issued ordinary share capital, as enlarged by the issue of the Consideration Shares, was approved by Sound Energy shareholders on March 15.

Application will be made to the LSE for the Consideration Shares, which rank paripassu with Sound’s existing ordinary shares, to be admitted to trading on AIM. Dealings are expected to commence at 8.00 a.m. on September 18. Following the issue of the Consideration Shares the company will have 1,007,429,393 ordinary shares in issue.

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