Sound Energy said it received ministerial approval for exploration drilling in Morocco’s greater Tendrara area as part of an eight-year petroleum deal.
The approval “secures Sound Energy’s rights to this potentially transformational acreage up to 2026,” James Parsons, Sound Energy's CEO said.
The agreement comes into effect as a result of the approval from the Moroccan Energy and Finance Ministries for the Greater Tendrara petroleum agreement, which covers an area of approximately 14,500 square kilometres extending across eastern Morocco and surrounding the 133.5 square kilometres development concession area relating to the Tendrara gas discovery.
The new Greater Tendrara Petroleum Agreement unites the areas covered by the Tendrara petroleum agreement granted in April 2013 and the Matarka reconnaissance licence granted in July 2017.
Sound Energy now holds a 47.5 per cent stake and operatorship in the Greater Tendrara agreement, while Schlumberger and ONHYM hold 52.5 per cent and 27.5 per cent respectively.
The agreement’s work is split into three phases; the initial period of four years will see two exploration wells - TE-9 and TE-10 wells have already been planned.
The first optional period of two years includes one exploration well and the second optional period of two years includes one exploration well.