RE: SoundssaMillionPoundor215 Jan 2025 07:59
Marrakech - British company Sound Energy PLC has announced that it has received approval from Morocco’s National Office of Hydrocarbons and Mines (ONHYM) for a 24-month extension of its Anoual exploration permits, located in Eastern Morocco, covering an area of 8,873 square kilometers.
This extension is subject to approval from the Ministry of Energy Transition and Sustainable Development.
The agreement with ONHYM includes an extension of the initial period, which will now end in January 2025, and an extension of the existing complementary period until September 2028. With this extension, the Anoual exploration permits now have a total duration of 11 years.
The remaining work commitments under the permits, including the commitment for the complementary period, remain unchanged from what was previously announced by the company.
Sound Energy plans to fulfill the firm commitment for the Anoual complementary period by drilling the M5 exploration well, as detailed in a statement dated August 9, 2022.
John Argent, Vice President of Geosciences at Sound Energy, expressed gratitude towards ONHYM for their continued support and emphasized the importance of the upcoming steps.
“We eagerly await the necessary ministerial approvals allowing us to progress with the drilling of the M5 prospect. This represents a significant opportunity to discover a much thicker TAGI reservoir section, across a very large structure in the center of the Tendrara Basin, potentially rich in gas,” stated Argent.
This extension follows a previous 18-month prolongation granted at the end of April this year.
Sound Energy Morocco East Limited, the Moroccan subsidiary of Sound Energy, recently came under the umbrella of the Managem group.
The agreement between the two entities involves Managem acquiring a 55% stake in the Tendrara exploitation concession, a 47.5% stake in the Greater Tendrara exploration permit, and a 47.5% stake in the Anoual exploration permit
