Business
Acquisition of Additional Eastern Morocco Interest
Acquisition of Additional Eastern Morocco Interest.
About this update from Sound Energy Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7172B\n Sound Energy PLC\n 14 June 2021\n \n \n \n \n \n \n \n 14 June 2021 \n \n \n \n \n \n Sound Energy plc \n \n \n (\"Sound Energy\", the \"Company\" and together with its subsidiaries the \"Group\")\n \n \n \n \n \n Acquisition of Additional Interest in Eastern Morocco Portfolio\n \n \n \n \n \n Sound Energy plc, the Moroccan focused upstream gas company, is delighted to announce that it has entered into a sale and purchase agreement with Schlumberger Holdings II Limited (the \"Seller\") to acquire the entire issued share capital of Schlumberger Silk Route Services Limited (\"SSRS\") (the \"Acquisition\").\n \n \n \n \n \n Acquisition Highlights:\n \n \n \n \n \n · \n The Group will have increased participating interests in in the Anoual and Greater Tendrara exploration permits in Eastern Morocco (the \"Exploration Permits\") by 27.5% to 75%, together with full control over its 75% participating interest in the Tendrara Concession\n \n \n \n \n \n · \n Accretive acquisition on highly attractive terms \n \n \n \n \n \n · \n Positions Sound Energy to generate enhanced returns, cashflow and value as it moves forward the phased development of the TE-5 Horst\n \n \n \n \n \n · \n Significantly enhances discovered and undiscovered resource position\n \n \n \n \n \n · \n Increased participating interest to 75% will not impact the planned phased development strategy in East Morocco and underlines Sound Energy's position as a leading gas developer in country\n \n \n \n \n \n · \n Sound Energy will remain fully funded for its increased 75% working interest of planned phase 1 Tendrara Concession capital investments required until first gas, subject to finalising funding arrangements previously announced with Afriquia Gaz, our strategic partner and a major participant in the Moroccan gas industry \n \n \n \n \n \n SSRS holds a 27.5% participating interest in the Anoual and Greater Tendrara exploration permits in Eastern Morocco together with a 27.5% indirect interest in the Tendrara Concession (the \"Concession\") through its contractual relationship with the Group. Following completion of the Acquisition, Sound Energy will control operated working interests of 75% in the Exploration Permits and in the Concession. \n \n \n &nbs...