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Schlumberger Conversion to Direct Licence Position

Source: www.gulfoilandgas.com 4/16/2019, Location: Africa

Sound Energy, the Moroccan focused upstream gas company, is pleased to announce that the process to convert Schlumberger's existing 27.5% interest in the Anoual permits to a direct 27.5% licence position has completed following receipt of the relevant Moroccan Ministerial approvals.

The Company's unchanged interest in the Anoual permits consists of an operated 47.5% participating interest, with the remaining interests in the Anoual permits held by Schlumberger (27.5%) and Morocco's L'Office National des Hydrocarbures et des Mines (25%).

This most recent conversion concludes the process of converting Schlumberger's previously synthetic interests across the Company's Eastern Moroccan exploration portfolio to direct licence positions. Schlumberger now has a direct 27.5% licence interest in the Greater Tendrara Petroleum agreement, as previously confirmed, and the Anoual permits.

The process to convert Schlumberger's 27.5% existing interest in the Tendrara production concession, which contains the TE-5 Horst discovery, is ongoing. Further announcements will be made, as appropriate, in due course.

For more information about related Opportunities and Key Players visit North Africa Projects

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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