Sound Energy Receives Approval to Expand Sidi Mokhtar Onshore Licenses

Sound Energy PLC has won regulatory approval from Moroccan authorities to take control of 75% interest in the Sidi Mokhtar onshore licenses.

Sound Energy, the African and European focused upstream gas company, said in a statement that the deal consists of three onshore gas permits (the “Sidi Moktar Licenses”) covering 2,700 square kilometres in the Essaouira basin, central Morocco, and contains a material existing gas discovery in the Lower Liassic (“Kechoula”), where two wells have already been drilled, and significant Triassic exploration potential.

The statement adds that the acquisitions consisted of a 50% operated interest in the Sidi Mokhtar Licenses from PetroMaroc Corporation Plc (“PetroMaroc”) and the acquisition of a 25% working interest in the Sidi Mokhtar Licenses from Maghreb Petroleum Exploration S.A. (“MPE”).

“Following the Acquisitions, the remaining 25% interest in the Sidi Mokhtar Licenses is held by Morocco’s Office National des Hydrocarbures et des Mines (“ONHYM”),” the statement notes.

Recently, Sound Energy confirmed the success of a second TE-7 gas well lying only 1.6 kilometres away from its TE-6 first well.