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Tuesday, February 9, 2016
Sound Energy signed a binding agreement with Oil and Gas Investment Fund (OGIF) under which OGIF has granted it an option to acquire a 55% interest in the Meridja permit onshore Morocco.
The Meridja permit is adjacent to the company’s existing Tendrara License and is a highly prospective 9,000 sq km area with the same fundamental geology as Tendrara, where Sound Energy expects to drill its first well shortly. OGIF currently holds a 75% interest in a reconnaissance permit over the Meridja area, with the remaining 25% interest held by Morocco’s ONHYM.
OGIF has granted the option to Sound Energy, under which Sound Energy is able to acquire (subject to regulatory and other approvals) a 55% interest in and operatorship of the Meridja exploration permits, once awarded.
As consideration for the option, Sound Energy will pay OGIF $100,000 and will conduct and fund early stage commitments under the Reconnaissance Permit up to a maximum of $200,000. On exercise of the Option Sound Energy would pay OGIF a further $150,000 and would carry OGIF and ONHYM for costs up to the end of a first Meridja exploration well.
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