London-listed gas explorer Sound Energy said today that two assets in Morocco would be added its field management agreement with US energy services firm Schlumberger.
Schlumberger will receive 27.5% of the Meridja and Tendara areas in exchange for agreeing to cover Kent-based Sound’s Eastern Moroccan geophysical programme, estimated at $27million.
The programme includes the acquisition and processing of about 2,600 kilometres of new 2D seismic and 24,000 square kilometres of Gravity Gradiometry.
Schlumberger will also cover its pro rata share of costs once the programme is finished.
Sound Energy chief executive James Parsons said: “We are delighted to introduce Schlumberger into Meridja and the relinquished areas whilst also securing a full carry on the forthcoming seismic programme.
“The extension of the FMA will further deepen our strategic relationship with Schlumberger, who share our view of our Eastern Morocco potential and frees up cash to allow us to accelerate our exploration of the region.”