Sound Extends Schlumberger Pact
UK-based North Africa gas explorer, Sound Energy, said April 25 it has signed a binding heads of terms with Schlumberger that will expand its relationship with the oil services giant into Meridja and the Tendrara areas blocks in Morocco where Sound is increasing its equity interests.
In return, Schlumberger will provide services in kind for Sound Energy's forthcoming eastern Moroccan geophysical survey, estimated at US$27.2mn, subject to completion of its recently announced acquisition of interests from Moroccan Oil & Gas Investment Fund.
Schlumberger has agreed to contribute services in kind and to cover its pro-rata share of costs thereafter. The Eastern Moroccan geophysical programme includes the acquisition and processing of approximately 2,600km of new 2D seismic and 24,000 km2 of gravity gradiometry. The seismic acquisition programme will cover the TAGI and Paleozoic horizons across the Tendrara and Meridja areas.
Sound plans to complete the programme over 12 months, in stages. It said an update on its extended well test at TE-7 (Tendrara) and the results of the ongoing TE-8 laboratory testing will be provided, as appropriate, in due course.
Mark Smedley