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.
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).