Proactive Investors
Jamie Ashcroft
Schlumberger will carry out a US$27mln geophysical programme to identify follow-on targets to build on the successes at nearby Tendrara.
Schlumberger gets 27.5% of the assets
City followers of Sound Energy PLC (LON:SOU) are impressed with the Morocco and Italy focussed firm’s latest deal, partnering with Schlumberger taking a stake exploration acreage near the Tendrara discovery.
The deal will see the AIM-listed gas exploration and development group receive a free carry on a US$27mln geophysical programme.
In return, Schlumberger will receive 27.5% stakes respectively in the newly acquired Meridja licence and the Tendrara relinquished areas onshore Morocco.
It builds on the three-well deal the pair inked covering Tendrara and follow-up agreement that will allow the US group to earn into the Badile operation near Milan, Italy.
Oil companies expert Malcolm Graham Wood, in his daily blog, said: “Yet again Sound have managed to acquire and share really interesting acreage securing a full carry on a key programme of work.
“With a supportive partner creating a key, strategic relationship, their options in the area are still multi-faceted.”
Elsewhere, WH Ireland analyst Brendan Long said: “This is clearly a positive endorsement by Schlumberger of the relinquishment areas and an indication of Schlumberger’s satisfaction with its working relationship with Sound.”
Eastern Morocco exploration programme
The exploration programme will include the acquisition and processing of approximately 2,600 kilometres of new 2D seismic and 24,000-square kilometres of gravity gradiometry.
The seismic will cover the TAGI and Paleozoic horizons across the Tendrara and Meridja areas.
“We are delighted to introduce Schlumberger into Meridja and the relinquished areas whilst also securing a full carry on the forthcoming seismic programme,” said chief executive James Parsons.
“The extension of the field management agreement will further deepen our strategic relationship with Schlumberger, who share the company’s view of our eastern Morocco potential and frees up cash to allow us to accelerate our exploration of the region.”
