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    Sound Energy Gets Ministerial Approval For Morocco Petroleum Agreement

    06 Jun 2018

    Moroccan-focused upstream gas company Sound Energy PLC said Tuesday it has received ministerial approval for its Sidi Moktar onshore petroleum agreement and the company has begun a formal farm out process.

    Sound Energy was awarded the agreement in February and owns 75% of the 4,499 square kilometres licence. Morocco's Office National des Hydrocarbures et des Mines owns the remaining 25%.

    Following receipt of ministerial approval, completion of technical work and recent 'significant' third party interest, Sound Energy is hoping to fund the 2018 work programme whilst retaining operatorship.

    The company completed a subsurface evaluation of the western area of Sidi Moktar in central Morocco and is close to finalising the mapped portfolio and comprehensive petroleum system model over the entire area.

    Shares in Sound Energy were up 3.6% Tuesday at 40.21 pence each.

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