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Sound Energy: Schlumberger to take direct interest in eastern Morocco gas projects

Schlumberger has essentially been a de facto partner in the eastern Morocco venture via a field management agreement, with an interest stake in the project, but, that is now being formally structured into the joint venture

oil and gas operations
Sound will subsequently retain a 47.5% stake

Sound Energy PLC (LON:SOU) has detailed administrative changes related to its eastern Morocco assets which see partner Schlumberger taking a direct interest in the projects.

A process is now underway to assign a Schlumberger subsidiary a 27.5% participating interest in the Tendrara Lakbir permits, the Anoual permits and the Matarka reconnaissance licence.

“I am delighted to have begun the process of bringing Schlumberger directly onto the various licences in Eastern Morocco and look forward to further drilling success together," said James Parsons, Sound chief executive.

READ: Sound Energy raises US$14.25mln as it initiates new exploration programme

The company will subsequently retain a 47.5% stake and it will remain the operator, while Moroccan state firm L'Office National des Hydrocarbures et des Mines (ONHYM) will continue to hold 25%.

A new version of Sound’s field management agreement has been entered into Schlumberger, reconfirming a materially unchanged working relationship following the administrative changes conversion.

Sound highlighted that Schlumberger intends to continue to collaborate strategically across their interests in the eastern Morocco portfolio, including the development of the existing Tendrara discovery and the new drilling (namely the TE-9 and TE-10 wells, which are the first two planned wells).

Quick facts: Sound Energy PLC

Price: 1.954 GBX

Market: AIM
Market Cap: £22.72 m

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