StockMarketWire.com - Moroccan focused upstream gas company, Sound Energy plc, has entered into a sale and purchase agreement with Schlumberger Holdings II Limited to acquire the entire issued share capital of Schlumberger Silk Route Services Limited.

Following the acquisition, the group will have increased its participating interests in the Anoual and Greater Tendrara exploration permits in Eastern Morocco by 27.5% to 75%, together with full control over its 75% participating interest in the Tendrara Concession.

It positions Sound Energy to generate enhanced returns, cashflow and value as it moves forward the phased development of the TE-5 Horst

Sound Energy will remain fully funded for its increased 75% working interest of planned phase 1 Tendrara Concession capital investments required until first gas, subject to finalising funding arrangements previously announced with Afriquia Gaz, our strategic partner and a major participant in the Moroccan gas industry

SSRS holds a 27.5% participating interest in the Anoual and Greater Tendrara exploration permits in Eastern Morocco together with a 27.5% indirect interest in the Tendrara Concession through its contractual relationship with the group.

Following completion of the acquisition, Sound Energy will control operated working interests of 75% in the Exploration Permits and in the Concession.


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