Sound Energy on Monday, announced that it has received regulatory approval for the acquisition of 75% operated interest in the Sidi Moktar licences, onshore Morocco.

The Sidi Moktar licences comprises of three onshore gas permits encompassing 2,700 km² in the Essaouira basin, central Morocco and contain a material existing gas discovery in the Lower Liassic, where two wells have already been drilled, and a significant Triassic exploration potential. The acquisitions includes a 50% operated interest in the licences from PetroMaroc and the acquisition of as well as a 25% working interest in Sidi Moktar from Maghreb Petroleum Exploration S.A.

After the procurement, the outstanding 25% interest in the licences is being held by Morocco's Office National des Hydrocarbures des Mines (ONHYM). Under the terms of the transfer, Sound Energy will issue and allocate a total of 43,022,714 new ordinary shares of 1pence each to PetroMaroc and Maghreb.

As initially reported, the African and European focused upstream gas company will get 50% of the profits beyond 50p per ordinary share from any imminent sales of PetroMaroc's New Ordinary Shares.

Sound will now move ahead with plans to bring partners to the Sidi Moktar licences, Energy-pedia reports.

Anita Fatunji