Sound Energy PLC Meridja : Schlumberger Investment (1859D)
April 25 2017 - 2:00AM
UK Regulatory
TIDMSOU
RNS Number : 1859D
Sound Energy PLC
25 April 2017
25 April 2017
Sound Energy plc
("Sound Energy" or the "Company")
Meridja and Tendrara Relinquished Area(s) : Schlumberger
Investment
Sound Energy, the African and European focused upstream gas
company, is delighted to announce the signature of binding heads of
terms with Schlumberger which will expand Sound Energy's
relationship with Schlumberger into Meridja and the Tendrara
relinquished area(s) in exchange for a full carry on Sound Energy's
forthcoming Eastern Moroccan geophysical survey programme,
estimated at US$27.2 million and subject to completion of the
Company's recently announced acquisition of these interests from
Oil & Gas Investment Fund S.A.S.
The binding heads of terms will, subject to contract, result in
the extension of the existing Field Management Agreement between
the Company and an affiliate of Schlumberger Oilfield Holdings
Limited (the "FMA Extension") to include Meridja and the area(s) of
Tendrara relinquished in accordance with the Morrocan Hydrocarbon
Code (the "Tendrara Relinquished Area(s)"). Under the FMA
Extension, subject to contract, Schlumberger will be granted a
27.5% working interest in the Meridja area and a 27.5% working
interest in the Tendrara Relinquished Area(s).
In exchange, Schlumberger has agreed to contribute services in
kind to cover the agreed scope of the Company's forthcoming Eastern
Moroccan geophysical programme and to cover its pro rata share of
costs thereafter. The Eastern Moroccan geophysical programme
includes the acquisition and processing of approximately 2,600
kilometres of new 2D seismic and 24,000 square kilometres of
Gravity Gradiometry. The seismic acquisition programme will cover
the TAGI and Paleozoic across the Tendrara and Meridja areas.
The Company plans to complete the programme over a twelve month
period in stages, with each stage outputting an updated prospect
inventory which will undergo review by an independent competent
person.
An update on the Company's Extended Well Test at TE-7 and the
results of the ongoing TE-8 laboratory testing will be provided, as
appropriate, in due course.
This announcement is inside information for the purposes of
Article 7 of Regulation 596/2014.
James Parsons, the Company's Chief Executive, commented:
"We are delighted to introduce Schlumberger into Meridja and the
relinquished area(s) whilst also securing a full carry on the
forthcoming seismic programme. The extension of the Field
Management Agreement will further deepen our strategic relationship
with Schlumberger, who share the Company's view of our Eastern
Morocco potential and frees up cash to allow us to accelerate our
exploration of the region."
For further information please contact:
Vigo Communications - PR Adviser Tel: +44 (0)20 7830 9700
Patrick d'Ancona
Chris McMahon
Alexandra Roper
Sound Energy j.parsons@soundenergyplc.com
James Parsons, Chief Executive Officer
Smith & Williamson - Nominated Adviser Tel: +44 (0)20 7131 4000
Azhic Basirov
David Jones
Ben Jeynes
RBC - Broker Tel: +44 (0)20 7653 4000
Matthew Coakes
Martin Copeland
Laura White
This information is provided by RNS
The company news service from the London Stock Exchange
END
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