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Thursday, December 17, 2015
Sound Energy’s farm-in agreement with the Moroccan Oil and Gas Investment Fund for the Tendrara Lakbir License, onshore Morocco is now complete. The completion of the deal follows Ministerial approval, which was the final condition needed to close the deal.
The company also reached commercial terms with Entrepose Drilling Morocco for the supply of a HH300 rig and saw the initiation of the procurement process for long lead items for the drilling of the first two appraisal wells on the license. Sound plans to start ground works on the drill site for the first Tendrara well shortly after receipt of EIA approval, which is expected in January.
In addition the company has signed a term sheet with Schlumberger in relation to the Tendrara License and the company continues to work with Schlumberger in developing the strategic collaboration between the two.
James Parsons, Sound Energy’s CEO said “I am pleased to report the initiation of our drill program at Tendrara, with two back to back wells with an extended well test which, if successful, will prove the commerciality of the highly significant TAGI reservoir in Morocco. We believe Eastern Morocco is an exciting and developing area which is further validated by the recently acquired International Oil Company interest in the surrounding licenses.”
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