Sound Oil in talks to buy stake in Mahgreb's subsidiary

(ShareCast News) - Oil and gas group Sound Oil has entered an agreement with Mahgreb Petroleum Exploration.Under the terms of the deal, Sound will have a two-month period of exclusivity to negotiate an agreement to acquire one of Mahgreb's subsidiaries, which owns a 25% stake in the Sidi Moktar licence onshore Morocco.The London-listed group said it will start due diligence on the acquisition in the short term future and will make further announcements in due course.Sound Oil shares were up 0.46% to 16.45p at 1516 BST on Monday.