Sound Energy has announced the completion of the Company’s acquisition from Schlumberger Holdings II Limited of the entire issued share capital of Schlumberger Silk Route Services (SSRS).
SSRS holds a 27.5% participating interest in the Anoual and Greater Tendrara exploration permits in Eastern Morocco, together with a 27.5% indirect interest in the Tendrara Concession through its contractual relationship with the Group. Sound Energy now controls operated working interests of 75% in the Exploration Permits and in the Concession.
Commenting, Graham Lyon (Executive Chairman) said:
‘This accretive transaction has now completed and underlines Sound Energy’s position as the leading gas developer in Morocco. Following the recently announced Gas Sales Agreement with Afriquia Gaz, Sound Energy is now moving inexorably forward to the Final Investment Decision for its Micro LNG project.’