Sound Energy said it has renegotiated its agreement with PetroMaroc for the procurement of a 50% stake in three onshore gas permits in Morocco.

According to the company, both parties have entered into a reviewed agreement in a bid to ensure that their interests are protected in a sensible and fair manner.This signifies that profits generated from the sale of the 21,258,008 new shares to be issued to PetroMaroc by Sound Energy will be shared between the two parties in a new arrangement.PetroMaroc will receive all profits from sales of about 50% per consideration share and sale earnings exceeding 50% per consideration share and will be shared equally between the two companies.

Furthermore, the date for the completion of the acquisition has been extended to December 31st 2016 or such later date as is necessary to satisfy the remaining conditions precedent.The partners continue to work collaboratively so as to ensure the smooth development of the Sidi Moktar Licences, Energy Voice reports.

Anita Fatunji