Sound Energy Plc’s relationship with Schlumberger Ltd. in the Meridja and the Tendrara relinquished area(s) of Morocco will expand, in exchange for Schlumberger receiving a full carry on Sound Energy’s forthcoming US$27.2 million Eastern Morocco geophysical survey program.
The companies signed binding heads of terms, according to an April 25 press release from Sound Energy.
Schlumberger’s full carry on the geophysical survey is contingent upon the completion of Sound Energy’s acquisition of these interests from Oil & Gas Investment Fund SAS.
The agreement will extend the existing field management agreement between Sound Energy and an affiliate of Schlumberger Oilfield Holdings Ltd. to include Meridja and the area(s) of Tendrara relinquished in accordance with the Moroccan Hydrocarbon Code, allowing Schlumberger a 27.5% working interest in the Meridja area and a 27.5% working interest in the Tendrara relinquished area(s).
In exchange, Schlumberger will provide services in kind to cover the scope of the geophysical program, the press release said. The program includes the acquisition and processing of about 2,600 km of new 2-D seismic and 24,000 sq km of gravity gradiometry; the program covers the TAGI and Paleozoic across the Tendrara and Meridja areas.
Sound Energy said the program will be completed in stages over 12 months.
Sound Energy’s CEO James Parsons said the extension of the field management agreement will allow cash flow to be spent on the region’s exploration.
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