Proactive Investors
Ian Lyall
Deal done: Sound is now the new owner of Sidi Moktar.
It acquired its holding from PetroMaroc Corporation and Maghreb Petroleum Exploration in return for 43mln shares in Sound worth £31.5mln.
Sound Energy PLC is now officially the new owner of a 75% interest in the Sidi Moktar licences after receiving regulatory approval to take control of the assets from the Moroccan authorities.
The gas exploration group acquired its holding from PetroMaroc Corporation and Maghreb Petroleum Exploration in return for 43mln shares in Sound worth £31.5mln.
Remember Sound receives 50% of the proceeds from the sale of equity over above 50p a share, which is around £5mln at Friday’s share price.
Morocco’s Office National des Hydrocarbures des Mines owns the outstanding 25% stake.
Covering 2,700 square-kilometres in the Essaouira basin, in the centre of the country, Sidi Moktar contains a “material” existing gas discovery, where two wells have already been drilled, and “significant” exploration potential.
