Sound Energy to Buy Stake in Moroccan Gas Assets

Sound Energy has agreed to purchase stake in Maghreb Petroleum Exploration’s interests in three onshore oil and gas exploration permits located in the Sidi Moktar region of Morocco.

The Sidi Moktar licences cover 2,700 Km2 in the Essaouira basin, central Morocco.  The licences contain a material existing gas discovery in the Lower Liassic (Kechoula) where two wells have already been drilled and a near term well test is awaited prior to possible commercial production. 

Initial Company estimates have confirmed Kechoula to have an unrisked mid case GOIP of 293 Bscf (100% working interest), Sound Energy said, adding that there is also significant (in excess of 1 Tcf of unrisked GOIP; 100%) Triassic exploration potential.

'The Option will, when granted, enable Sound Energy to secure a 25% carried interest in an already successfully drilled gas discovery with potential near term production and significant deeper exploration potential. An interest in Sidi Moktar would also represent the second material asset in Sound Energy's onshore Moroccan gas portfolio, which is underpinned by strong European gas fundamentals,” James Parsons, the Company's Chief Executive, commented.

Sound Energy now plans to work with the other partners on the Sidi Moktar licences, with a view to accelerating progress on the licence area.