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
741.48
17:09 25/09/24
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Oil & Gas Producers
8,082.41
16:54 25/09/24
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Sound Energy
0.75p
17:00 25/09/24
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-0.02p
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.