Sound Energy, the Moroccan focused upstream gas company, reports a 12-month extension to the initial period of the Anoual Exploration Permits, onshore Morocco.
The Anoual Permits cover 8,873 sq kms in Eastern Morocco and, following completion of the acquisition by the Company of the entire issued share capital of Schlumberger Silk Route Services Limited as announced on 31 August 2021, the Company holds an operated 75% interest in the Anoual Permits, with the remaining 25% interest held by joint venture partner, L’Office National des Hydrocarbures et des Mines (‘ONHYM’).
Due to ongoing 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 12-month extension to the initial period as defined in the Petroleum Agreement related to the Anoual Permits due to Force Majeure 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 defined under the Petroleum Agreement, which was previously successfully re-negotiated as announced by the Company on 6 July 2020, will now be 5 years and 4 months, commencing 8 September 2017 (the ‘Initial Period’). The work programme commitments for the Initial Period remain unchanged. The length of the first complimentary period, which would commence upon the successful completion of the now extended Initial Period, is 1 year and 2 months and the second complimentary period remains unchanged at 2 years and 6 months. The work programmes for each of the complimentary periods remain unchanged.
As a result, the Anoual Permits now have a total duration of 9 years (in place of 8 years) and the unchanged work commitments under the Anoual Permits are as follows:
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