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LONDON (Alliance News) - Mediterranean-focused upstream oil and gas company Sound Energy PLC on Tuesday said it has signed heads of agreement to acquire the 50% stake held by PetroMaroc Corp PLC in the Sidi Moktar licences in Morocco.
Sound Energy earlier this month signed a heads of agreement with Maghreb Petroleum Exploration SA to acquire its 25% stake in the three licences and the new deal with PetroMaroc will mean its total interest in the licences is increased to 75%.
Sound Energy will acquire the licences, and the operatorship, from PetroMaroc for GBP3.7 million, to be paid in Sound Energy shares, which will be issued upon completion of the deal. PetroMaroc will keep a 10% net profit interest in future cash flow from the Kechoula licence, plus 5.0% net profit for the other Sidi Moktar licences.
Sound Energy shares were up 2.9% to 16.855 pence on Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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