Sound Energy PLC (LON:SOU) has confirmed the completion of its deal to acquire the assets of Oil Gas Investment Fund (OGIF) in Morocco, namely stakes in the Anoual and Tendrara areas.
It means that Sound's stake in Tendrara rises to 75% and it also gains 75% interests in follow-on exploration areas surrounding the gas discovery.
To complete the deal Sound is issuing some 272mln new shares to OGIF, representing 27% of the Sound’s equity.
The completion has been expected for some time, and Sound Energy has already prepared exploration programmes for the newly acquired areas, where work begins with seismic surverying.