Sound Energy PLC Strategic Collaboration and Tendrara Term Sheet (8927C)
October 21 2015 - 2:00AM
UK Regulatory
TIDMSOU
RNS Number : 8927C
Sound Energy PLC
21 October 2015
21 October 2015
Sound Energy plc
("Sound Energy" or the "Company")
Strategic Collaboration and Tendrara Term Sheet
Sound Energy, the European / Mediterranean focused upstream oil
and gas company, is pleased to announce:
(i) a Memorandum of Understanding ("MOU") between Sound Energy
and Schlumberger Oilfield Holdings Limited ("Schlumberger") in
respect of a strategic relationship between Sound Energy and
Schlumberger across Europe and Africa; and
(ii) a Term Sheet with Schlumberger Production Management
("SPM"), the production management arm of Schlumberger regarding
the Tendrara licence, onshore Morocco.
The non-binding Term Sheet represents the first preliminary
agreement to be entered into under the MOU and where it is
envisaged that, subject to the execution of a definitive project
agreement, SPM will collaborate with the Company on the Tendrara
licence in Morocco. This collaboration would include SPM providing
integrated technical services on a risked basis with an upside
linked to production performance.
Schlumberger is the world's largest oilfield services company
and the leading supplier of technology, project management and
information services to the oil and gas sector worldwide.
Further details will be provided in due course, to the extent
that agreements relating to Tendrara or other individual assets are
entered into.
James Parsons, Sound Energy's Chief Executive Officer
commented:
"I am extremely pleased to announce a strategic collaboration
between Sound Energy and one of the world's leading companies in
our sector.
This relationship is expected to jointly fund and technically
de-risk multiple assets across Sound Energy's current portfolio
whilst also enabling our ambitious expansion across Europe and
Africa. "
For further information please contact:
Vigo Communications - PR Adviser Tel: +44 (0)20 7016 9573
Patrick d'Ancona
Chris McMahon
---------------------------------- -----------------------------
Sound Energy j.parsons@soundenergyplc.com
James Parsons, Chief Executive
Officer
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Smith & Williamson - Nominated Tel: +44 (0)20 7131 4000
Adviser
Azhic Basirov
David Jones
Ben Jeynes
---------------------------------- -----------------------------
Cantor Fitzgerald Europe - Broker Tel: +44 (0)20 7894 8896
Sarah Wharry
David Porter
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This information is provided by RNS
The company news service from the London Stock Exchange
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