UK independent Sound Energy has confirmed it has bought a 25% stake in the Sidi Moktar project, which comprises three onshore gas permits in Morocco.
It has signed a binding deal with Maghreb Petroleum Exploration after initially agreeing the deal last October.
The Sidi Moktar licences cover 2,700 square kilometres in the Essaouira basin, central Morocco. Two wells have already been drilled at Kechoula and a near term extended well test is awaited prior to expected commercial production. It is estimated to host some 293bn cubic feet of gas.
Sound Energy will, on completion of the acquisition, give Maghreb a 1.6% share of profits from the Kechoula discovery.
Chief executive, James Parsons, said: “Sidi Moktar is the second material asset in our onshore Moroccan portfolio and secures a 25% interest in an already successfully drilled gas discovery with potential near term production, significant deeper exploration potential and in which we are carried to first gas.”
The company has also appointed new non-board executives.
Leonardo Salvadori, who has formerly run a Danagas joint venture in Egypt, and Mary Hood, previously Gulf Keystone deputy financial officer, have joined the company as business development director and chief financial officer respectively.
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