Moroccan Sound Energy completes acquisition of Schlumberger Silk Route Services
31-08-2021 11:04:05 | by: Pie Kamau | hits: 1201 | Tags:

Sound Energy, the Moroccan focused upstream gas company announced the completion of the acquisition of the entire issued share capital of Schlumberger Silk Route Services Limited (SSRS), from Schlumberger Holdings II Limited. 

This announcement comes after Sound Energy entered into a sale and purchase agreement with Schlumberger Holdings II Limited to acquire the entire issued share capital of SSRS in June 2021.

SSRS holds a 27.5% participating interest in the Anoual and Greater Tendrara exploration permits in Eastern Morocco (the "Exploration Permits"), together with a 27.5% indirect interest in the Tendrara Concession (the "Concession") through its contractual relationship with the Group. Sound Energy plc now controls operated working interests of 75% in the Exploration Permits and in the Concession.

Graham Lyon, Executive Chairman, Sound Energy said: "This accretive transaction has now completed and underlines Sound Energy's position as the leading gas developer in Morocco. Following the recently announced Gas Sales Agreement with Afriquia Gaz, Sound Energy is now moving inexorably forward to the Final Investment Decision for its Micro LNG project."