The British gas explorer Sound Energy has just obtained a new agreement with the kingdom of Morocco.
Lasting eight years, the agreement was initialed last Friday with the National Office of Hydrocarbons and Mines (ONHYM) and the Ministries of Energy and Economy. It covers the areas of Tendrara and Matarka in the Oriental, and will allow Sound Energy to hold 47.5% of the two concessions, covering an area of 14,500 square kilometers in the Oriental region.
27.5% remaining shares will be held by Schlumberger, a partner of Sound Energy and the rest, and 25% owned by ONHYM.
“I am pleased to announce that we have contractually secured our rights to this potentially transformative area until 2026,” said James Parsons, CEO of Sound Energy on the company’s website.
“We look forward to the approval of our production concession and the start of our exploration drilling program in the near future,” he added.
The new oil agreement covers an area extending east of Morocco and surrounds the development concession application area related to the discovery of Tendrara.
