Morocco: Sound Energy announces Sidi Moktar Permits update
Sound Energy, the Moroccan focused upstream gas company, has reported a 24 month extension to the initial period of the Sidi Moktar Permits, onshore Morocco.
On 12 February 2018, the Company announced the award of a new petroleum agreement related to the Sidi Moktar Permits. The Sidi Moktar Permits cover 4,712 sq kms in the Essaouira basin, central Morocco with an initial period of 2 years and 6 months. The Company holds an operated 75% position in the permits with the remaining 25% held by L’Office National des Hydrocarbures et des Mines (‘ONHYM’).
Due to further disruption caused by the impact of the COVID-19 pandemic, during which the Company has been in regular dialogue with the regulatory authorities, ONHYM has approved a 24 month extension to the initial period of the Petroleum Agreement in order for the Company to complete the committed work programme. Subject to the issuance of the Joint Arreté signed by the Minister in charge of Energy and Minister in charge of Finance, the length of the initial period will now be 4 years and 6 months, commencing 9 April 2018.
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