Sound Energy said it has made changes to its agreement with PetroMaroc for the acquisition of a 50% stake in interest in three onshore gas permits in Morocco.
It comes after a change to the company’s share price which saw an increase.
The firm said both parties wish to ensure their respective interests are protected in a “reasonable and fair manner” so have entered into a revised agreement.
It means any proceeds from the sale of the 21,258,008 new Sound Energy shares to be issued to PetroMaroc will be shared between the two parties in a new set-up.
PetroMaroc will receive all proceeds from sales up to 50% per consideration share and sale proceeds in excess of 50% per consideration share and will be shared equally between the two companies.
In addition, the long stop date for completion of the acquisition has been extended to December 31st 2016 or such later date as is necessary to satisfy the remaining conditions precedent.