Sound closes Moroccan takeover
London-listed Sound Energy announced on August 31 it had closed the acquisition of Schlumberger's interests in three permits in east Morocco, consolidating its position in the region.
Sound has acquired 27.5% interests in the Anoual and Greater Tendrara exploration permits, and in the Tendrara concession, bringing its ownership position to 75%. It first agreed the deal in June, stating at the time it would make an initial payment for the assets of just $1.
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"This accretive transaction has now completed and underlines Sound Energy's position as the leading gas developer in Morocco," Sound chairman Graham Lyon said in a statement.
Sound wants to build a micro-scale LNG plant to exploit the TE-5 Horst development located within the Tendrara concession, and cut a 10-year deal in late July with Morocco's Afriquia Gaz for sales from the facility. That contract and the completion of the Schlumberger takeover means Sound "is now moving inexorably forward" towards a final investment decision on the LNG plant, Lyon said.