Sound Energy PLC Greater Tendrara Petroleum Agreement (1111E)
October 16 2018 - 1:00AM
UK Regulatory
TIDMSOU
RNS Number : 1111E
Sound Energy PLC
16 October 2018
16 October 2018
Sound Energy plc
("Sound Energy" or the "Company")
Eastern Morocco : Greater Tendrara Petroleum Agreement
Sound Energy, the Moroccan focused upstream gas company, is
pleased to announce the receipt of Moroccan ministerial approval of
the new 8 year Greater Tendrara Petroleum Agreement.
James Parsons, Sound Energy's CEO, commented:
"I am delighted to announce receipt of approval from the
Moroccan Energy and Finance Ministries for the Greater Tendrara
petroleum agreement and that, as a result, the Greater Tendrara
petroleum agreement has now become effective - securing Sound
Energy's rights to this potentially transformational acreage up to
2026.
We look forward to commencement of our exploration drilling
programme in the near future."
Greater Tendrara Petroleum Agreement
As announced by Sound Energy on 31 August 2018, the Company and
its partners, including Schlumberger, had at that time signed a
petroleum agreement covering the Tendrara and Matarka areas (the
"Greater Tendrara Petroleum Agreement"). The Greater Tendrara
Petroleum Agreement, details of which are provided below, was
signed by L'Office National des Hydrocarbures et des Mines
("ONHYM"), the Moroccan State regulator for petroleum operations
and, with approval of the Moroccan Energy and Finance Ministries
now received, has come into force.
The Greater Tendrara Petroleum Agreement is in addition to the
existing Anoual petroleum agreement and the recently awarded
production concession relating to the Tendrara gas discovery.
The new Greater Tendrara Petroleum Agreement covers an area of
approximately 14,500km2 extending across eastern Morocco and
surrounding the 133.5km2 development concession area relating to
the Tendrara gas discovery. The new Greater Tendrara Petroleum
Agreement unites the areas covered by the Tendrara petroleum
agreement granted in April 2013 and the Matarka reconnaissance
licence granted in July 2017.
Sound Energy now holds an operated 47.5% operated position in
the Greater Tendrara Petroleum Agreement. The remaining 52.5% will
be respectively held by Schlumberger (27.5%) and ONHYM (25%).
The Greater Tendrara Petroleum Agreement has a duration of 8
years from award and is divided into 3 phases, with each phase
having pre-agreed work commitments. The work commitments under the
Greater Tendrara Petroleum Agreement are as follows:
-- Initial period of 4 years: 2 exploration wells with the
minimum Triassic objective. The approaching TE-9 and TE-10 wells
will fulfil this commitment.
-- Optional first complementary period of 2 years: 1 exploration
well with the minimum Triassic objective.
-- Optional second complementary period of 2 years: 1
exploration well with the minimum Triassic objective.
Further announcements will be made, as appropriate, in due
course.
For further information please contact:
Vigo Communications - PR Adviser Tel: +44 (0)20 7390 0230
Patrick d'Ancona
Chris McMahon
Kate Rogucheva
Sound Energy j.parsons@soundenergyplc.com
James Parsons, Chief Executive Officer jj.traynor@soundenergyplc.com
JJ Traynor, Chief Financial Officer
Smith & Williamson - Nominated Adviser Tel: +44 (0)20 7131 4000
Azhic Basirov
David Jones
Ben Jeynes
RBC Capital Markets - Joint Broker Tel: +44 (0)20 7653 4000
Matthew Coakes
Martin Copeland
Macquarie Capital (Europe) Limited Tel: +44 (0)20 3031 2000
- Joint Broker
Alex Reynolds
Nick Stamp
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCFKPDQABDDKKD
(END) Dow Jones Newswires
October 16, 2018 02:00 ET (06:00 GMT)
Sound Energy (LSE:SOU)
Historical Stock Chart
From Apr 2024 to May 2024
Sound Energy (LSE:SOU)
Historical Stock Chart
From May 2023 to May 2024