Sound Energy has signed a binding agreement with Oil & Gas Investment Fund (OGIF) to allow the company to acquire a 55% interest in the Meridja permit, onshore Morocco.
OGIF currently hold a 75% interest in the permit with the remaining 25% interest held by the Office National des Hydrocarbures des Mines.
The move would allow Sound Energy the opportunity to acquire both a 55% interest and operatorship of the Meridja exploration permits once awarded.
James Parsons, Sound Energy’s chief executive, said: “Following our entry into Morocco last year, we have moved quickly to build our regional position further in a highly prospective area.
“The option secures exclusive access to a key permit adjacent to Sound Energy’s existing Tendrara licence and will enable us to increase our upside potential significantly should the first well at Tendrara be as successful as we hope.
“The transaction further demonstrates our strong partnership with OGIF and further consolidates our position as a leading onshore operator in Morocco.”
In December last year, Sound Energy completed a farm-in agreement with OGIF in relation to the Tendrara Lakbir licence, onshore Morocco.
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