Sound Energy completes takeover of OGIF Eastern Morocco interests

Africa and Europe-focussed upstream gas company Sound Energy announced the completion of its previously-announced acquisition of the interests of Oil & Gas Investment Fund in Eastern Morocco, after receiving final approvals in relation to the Anoual and Tendrara licence areas.

The AIM-traded firm said as a result, it now held an operated 75% position, of which 27.5% is shared with Schlumberger, resulting in a net 47.5% position for the company in the Tendrara petroleum agreement.

It also now held an operated 75% position, of which 27.5% is shared with Schlumberger resulting in a net 47.5% position for the company, in the Anoual petroleum agreement - formerly the Meridja reconnaissance area.

Finally, the deal netted Sound Energy an operated 75% position, of which 27.5% is shared with Schlumberger resulting in a net 47.5% position for the company, in the Mararka reconnaissance exploration licence - covering the previously relinquished Tendrara acreage.

“In consideration, the company will now issue 272 million new ordinary shares to OGIF,” Sound Energy’s board said in a statement.

“The issue of the consideration shares, which represent 27.0% of the company's issued ordinary share capital as enlarged, was approved by Sound Energy shareholders on 15 March.”

From admission, the board also confirmed that the relationship agreement between the Company and OGIF would take effect, as it outlined on 21 February.