Sound Energy completes Schlumberger Silk deal to up Morocco interest

(Alliance News) - Sound Energy PLC on Tuesday said it had completed its acquisition of ...

Alliance News 31 August, 2021 | 10:47AM
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(Alliance News) - Sound Energy PLC on Tuesday said it had completed its acquisition of Schlumberger Silk Route Services Ltd.

The acquisition will boost the London-based upstream gas company's participating interests in the Anoual and Greater Tendrara exploration permits in eastern Morocco by 27.5% to 75%.

SSRS holds an 27.5% indirect interest in the Tendrara concession, meaning that Sound Energy will control operated working interests of 75% in the exploration permits as well as the concession.

The buy was proposed in mid-June under an initial nominal USD1.00 consideration upon completion. The proposal outlined Sound Energy will pay between 8% and 11% of total net profit arising from the concession over a period of 12 years from first commercial production.

"This accretive transaction has now completed and underlines Sound Energy's position as the leading gas developer in Morocco," said Chair Graham Lyon.

Shares in Sound Energy were up 1.4% at 1.50 pence in London on Tuesday morning trade.

By Josie O'Brien; josieobrien@alliancenews.com

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Sound Energy PLC 1.35 GBX 1.89 -

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