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Sidi Moktar: Award of New Petroleum Agreement
Sidi Moktar: Award of New Petroleum Agreement.
About this update from Sound Energy Plc
[{"type":"text","content":"\n \nRNS Number : 5128E Sound Energy PLC 12 February 2018 \n\n12 February 2018\n \nSound Energy plc\n(\"Sound Energy\" or the \"Company\")\n \nSidi Moktar: Award of New Petroleum Agreement\n \nSound Energy, the Morocco focussed upstream gas company, is pleased to announce the award of an 8 year petroleum agreement relating to the area currently covered by the Sidi Moktar onshore exploration permits in the Essaouira Basin, central Morocco (\"Sidi Moktar\"). \n \nSound Energy's CEO James Parsons said:\n \n\"Sidi Moktar represents an exciting second leg to our Moroccan portfolio, following on from Sound Energy's success at Tendrara. The Company is actively pursuing and remains committed to the development and expansion of its Moroccan portfolio.\" \n \nSidi Moktar Petroleum Agreement\n \nFurther to the Company's announcement of 30 November 2017, the Company is pleased to announce that Sound Energy has been granted, subject to Moroccan Energy and Finance Ministry approval, a petroleum agreement covering Sidi Moktar (the \"Sidi Moktar Petroleum Agreement\"). The Petroleum Agreement, details of which are provided below, has been granted to Sound Energy by L'Office National des Hydrocarbures et des Mines (\"ONHYM\"), the Moroccan state regulator for petroleum operations, and will come into force on approval of the Moroccan Energy and Finance Ministries. \n \nThe Sidi Moktar Petroleum Agreement covers a large area extending across and beyond the permits that were formerly known as the Sidi Moktar Nord, Sud and Ouest Permits. The new Sidi Moktar Petroleum Agreement covers some 4,499 square kilometres and will be named 'Sidi Moktar Onshore' (comprising sub-areas termed 'Sidi Moktar I', 'Sidi Moktar II' and 'Sidi Moktar III').\n \nUpon the Sidi Moktar Petroleum Agreement becoming effective, the Company will hold an operated 75% position in Sidi Moktar Onshore. The remaining 25% will be held by ONHYM. \n \nThe Sidi Moktar Petroleum Agreement will have a duration of 8 years from award and, as with all Moroccan licences, will be divided into 3 phases, with each phase having pre-agreed work commitments. The work commitments under the Sidi Moktar Petroleum Agreement will be:\n \n· Initial period of 2 years and 6 months: acquire and process 500 kilom...