Sound Energy is successfully continuing its momentum as part of strengthening its presence in Morocco. The company has just completed a new transaction that will allow it to consolidate its position and generate value.
On June 14, Britain’s Sound Energy reached an agreement with the global oil services provider Schlumberger to obtain around 75% of the latter’s interest in the Anoual and Tendrara exploration permits in Morocco, in return for a symbolic amount of $ 1. It should be noted that Sound Energy held only 27.5% of said assets so far.
The contract will be completed in early September and in addition to the token initial payment, Sound will also have to pay Schlumberger 8-11% of the net profits generated by Tendrara in its first 12 years of production.
“We are delighted to have increased our stake in our main assets in eastern Morocco on very attractive terms. This rewarding transaction will, when completed, underscore Sound Energy’s position as the leading gas developer in Morocco and allow us to generate increased returns, cash flow and value as we move forward in progressive development. of TE-5 Horst, ”said Graham Lyon, CEO of Sound.
Note that TE-5 Horst is the first step in the development of Tendrara and will involve the construction of a small-scale LNG production unit. This installation, once completed, should make it possible to supply around 9% of Morocco’s annual LNG needs from 2025.
Sound Energy is an exploration and production company active in the Mediterranean basin which owns in Morocco, in addition to the Anoual and Tendrara concessions, the Sidi Mokhtar deposit located in the Essaouira basin and covering an area of 4,711 km2.