Sound Energy is set to acquire a further 20% interest in the Tendrara exploration block in northeast Morocco after agreeing a deal with Morocco's Oil and Gas Investment Fund's (OGIF). Upon completion of the deal, Sound Energy will increase its stake in Tendrara to 75%. In addition, Sound Energy has the right to apply for a 75% interest in some relinquished areas of the Tendrara licence. The deal also gives Sound Energy a 75% interest in the adjacent Meridja reconnaissance licence and crucially, the right to apply for an exploration permit. The transaction will be the biggest upstream deal in Morocco to date. In exchange, OGIF will receive shares in Sound Energy worth US$317 million.
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Deal insight | Feb 2017
Sound Energy buys Morocco's O&G Investment Fund's eastern assets for US$317m
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