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Sound Energy completes OGIF Morocco assets acquisition

Sound Energy completes OGIF Morocco assets acquisition

Sep 13, 2017
2 min read
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Sound Energy said it has completed its previously-announced acquisition of the interests of Oil & Gas Investment Fund in Eastern Morocco, after receiving final approvals. 

The Africa and Europe-focused upstream gas company said as a result, it now held an operated 75 per cent position, of which 27.5 per cent is shared with Schlumberger, resulting in a net 47.5 per cent position for the company in the Tendrara petroleum agreement.

It also now holds an operated 75 per cent position, of which 27.5 per cent is shared with Schlumberger resulting in a net 47.5 per cent position for the company, in the Anoual petroleum agreement - formerly the Meridja reconnaissance area.

Additionally, Sound Energy now operates a 75 per cent position, of which 27.5 per cent is shared with Schlumberger resulting in a net 47.5 per cent position for the company, in the Mararka reconnaissance exploration licence - covering the previously relinquished Tendrara acreage.

“In consideration, the company will now issue 272 million new ordinary shares to OGIF,” Sound Energy said in a statement.

“The issue of the consideration shares, which represent 27.0 per cent of the company's issued ordinary share capital as enlarged, was approved by Sound Energy shareholders on 15 March.”

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