Strategic Collaboration and Tendrara Term Sheet

RNS Number : 8927C

Sound Energy PLC

21 October 2015

 

21 October 2015

Sound Energy plc

("Sound Energy" or the "Company")

Strategic Collaboration and Tendrara Term Sheet

Sound Energy, the European / Mediterranean focused upstream oil and gas company, is pleased to announce:

(i)        a Memorandum of Understanding ("MOU") between Sound Energy and Schlumberger Oilfield Holdings Limited ("Schlumberger") in respect of a strategic relationship between Sound Energy and Schlumberger across Europe and Africa; and

(ii)       a Term Sheet with Schlumberger Production Management ("SPM"), the production management arm of Schlumberger regarding the Tendrara licence, onshore Morocco.

The non-binding Term Sheet represents the first preliminary agreement to be entered into under the MOU and where it is envisaged that, subject to the execution of a definitive project agreement, SPM will collaborate with the Company on the Tendrara licence in Morocco.  This collaboration would include SPM providing integrated technical services on a risked basis  with an upside linked to production performance.  

Schlumberger is the world's largest oilfield services company and the leading supplier of technology, project management and information services to the oil and gas sector worldwide.

Further details will be provided in due course, to the extent that agreements relating to Tendrara or other individual assets are entered into.

James Parsons, Sound Energy's Chief Executive Officer commented:

"I am extremely pleased to announce a strategic collaboration between Sound Energy and one of the world's leading companies in our sector. 

This relationship is expected to jointly fund and technically de-risk multiple assets across Sound Energy's current portfolio whilst also enabling our ambitious expansion across Europe and Africa. "

For further information please contact:

Vigo Communications - PR Adviser Patrick d'Ancona Chris McMahon	Tel: [phone]
Sound Energy James Parsons, Chief Executive Officer	[e-mail]
Smith & Williamson - Nominated Adviser Azhic Basirov David Jones Ben Jeynes	Tel: [phone]
Cantor Fitzgerald Europe - Broker Sarah Wharry David Porter	Tel: [phone]

 

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