Sound Energy PLC Anoual Permits Update (3065K)
01 Septiembre 2021 - 1:00AM
UK Regulatory
TIDMSOU
RNS Number : 3065K
Sound Energy PLC
01 September 2021
1 September 2021
Sound Energy plc
("Sound Energy" or the "Company")
Anoual Permits Update
Sound Energy, the Moroccan focused upstream gas company, reports
a 12-month extension to the initial period of the Anoual
Exploration Permits, onshore Morocco (the "Anoual Permits").
The Anoual Permits cover 8,873 square kilometres in Eastern
Morocco and, following completion of the acquisition by the Company
of the entire issued share capital of Schlumberger Silk Route
Services Limited as announced on 31 August 2021, the Company holds
an operated 75% interest in the Anoual Permits, with the remaining
25% interest held by joint venture partner, L'Office National des
Hydrocarbures et des Mines ("ONHYM").
Due to ongoing disruption caused by the impact of the COVID-19
pandemic, during which the Company has been in regular dialogue
with the regulatory authorities, ONHYM has approved a 12-month
extension to the initial period as defined in the Petroleum
Agreement related to the Anoual Permits due to Force Majeure in
order for the Company to complete the committed work programme.
Subject to the issuance of the Joint Arreté signed by the Minister
in charge of Energy and Minister in charge of Finance, the length
of the initial period defined under the Petroleum Agreement, which
was previously successfully re-negotiated as announced by the
Company on 6 July 2020, will now be 5 years and 4 months,
commencing 8 September 2017 (the "Initial Period"). The work
programme commitments for the Initial Period remain unchanged. The
length of the first complimentary period, which would commence upon
the successful completion of the now extended Initial Period, is 1
year and 2 months and the second complimentary period remains
unchanged at 2 years and 6 months. The work programmes for each of
the complimentary periods remain unchanged.
As a result, the Anoual Permits now have a total duration of 9
years (in place of 8 years) and the unchanged work commitments
under the Anoual Permits are as follows:
-- Initial Period of 5 years and 4 months from 8 September 2017:
FTG-aerogradiometry and 600 kilometres of 2D seismic and 1
exploration well with Triassic objective (to be scheduled in
2022).
-- Optional first complimentary period of a further 1 years and
2 months: if the results of the drilling of the exploration well
drilled in the Initial Period are likely to constitute a
commercially exploitable discovery, the Company will acquire 150
km2 of 3D seismic or its equivalent in 2D seismic data. If the
results of the exploration well drilled in the Initial Period are
not likely to constitute a commercially exploitable discovery, the
Company will undertake further geological and geophysical studies
but will not be required to acquire this additional seismic.
-- Optional Second complimentary period of a final 2 years and 6
months: A further single exploration well with Triassic
objective.
The Company clarifies that the commitment to acquire
FTG-aerogradiometry and 600 kilometres of 2D seismic during the
Initial Period has already been fulfilled and approved as such by
ONHYM.
Mohammed Seghiri, Sound Energy's Chief Operating Officer,
commented:
"COVID 19 travel restrictions have prevented us from mobilising
staff and contractors in order to prepare for our next exploration
well which will target a TAGI petroleum system prospect in Anoual
exploration permits. We thank ONHYM and the Ministry of Energy for
their strong and continuing support. Hopefully, all the sanitary
measures (vaccination campaigns, border control, etc) already put
in both the UK and Morocco will help to avoid new delays. We, as
Sound Energy, are eager to make a new discovery and thus unlock the
multi Tcf exploration potential of Eastern Morocco basin"
For further information please contact:
Vigo Consulting - PR Adviser Tel: 44 (0)20 7390 0230
Patrick d'Ancona
Chris McMahon
Sound Energy chairman@soundenergyplc.com
Graham Lyon, Executive Chairman
Cenkos Securities - Nominated Tel: 44 (0)20 7397 8900
Adviser
Ben Jeynes
Peter Lynch
SP Angel Corporate Finance LLP Tel: 44 (0)20 3470 0470
- Broker
Richard Hail
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