Sound Energy, the African and European focused upstream gas company, has completed the acquisition of the interests of Oil & Gas Investment Fund in Eastern Morocco.
It comes following receipt of final approvals in relation to the Anoual and Tendrara licence areas.
As a result, the company now holds an operated 75% position, of which 27.5% is shared with Schlumberger resulting in a net 47.5% position in the Tendrara petroleum agreement.
It also holds a net 47.5% position in the Anoual petroleum agreement and the same in the the Mararka reconnaissance exploration licence.
In consideration, the company will now issue 272,000,000 new ordinary shares to OGIF (the “Consideration Shares”).
Application will be made to the London Stock Exchange plc for the Consideration Shares, which rank pari passu with the Company’s existing ordinary shares, to be admitted to trading on AIM.
Dealings are expected to commence at 8am on 18 September 2017.
Recommended for you
Read the latest opinion pieces from our Energy Voice columnists
- Opinion: Apart from oil sector tax break, Budget was an anti-climax
- Opinion: Out with the old and in with the reconditioned
- Opinion: All the hard work starting to pay off for Aberdeen and north-east
- Opinion: EY’s Derek Leith on what to expect from the Budget
- Opinion: Carbon capture and storage – put the kettle on