Sound Oil in talks to buy stake in Mahgreb's subsidiary
Oil and gas group Sound Oil has entered an agreement with Mahgreb Petroleum Exploration.
FTSE AIM All-Share
728.67
15:45 15/11/24
n/a
n/a
Oil & Gas Producers
8,043.72
15:45 15/11/24
1.32%
105.17
Sound Energy
0.72p
10:04 15/11/24
-1.89%
-0.01p
Under the terms of the deal, Sound will have a two-month period of exclusivity to negotiate an agreement to acquire one of Mahgreb’s subsidiaries, which owns a 25% stake in the Sidi Moktar licence onshore Morocco.
The London-listed group said it will start due diligence on the acquisition in the short term future and will make further announcements in due course.
Sound Oil shares were up 0.46% to 16.45p at 1516 BST on Monday.