Anoual: Schlumberger Direct Licence Position

RNS Number : 3981W

Sound Energy PLC

16 April 2019

 

16 April 2019

Sound Energy plc

("Sound Energy" or the "Company")

Anoual: Schlumberger Conversion to Direct Licence Position

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 further information please contact:

Vigo Communications - PR Adviser Patrick d'Ancona Chris McMahon  Kate Rogucheva	Tel: [phone]
Sound Energy James Parsons, Chief Executive Officer  JJ Traynor, Chief Financial Officer	[e-mail]
Smith & Williamson - Nominated Adviser Azhic Basirov David Jones Ben Jeynes	Tel: [phone]
RBC Capital Markets - Joint Broker Matthew Coakes Martin Copeland	Tel: [phone]
Macquarie Capital (Europe) Limited - Joint Broker Alex Reynolds Nick Stamp	Tel: [phone]

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 

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