Sound Energy Receives Approval to Expand Sidi Mokhtar Onshore Licenses

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.

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