Sound Energy has announced that it has signed heads of terms with Maghreb Petroleum Exploration to buy its 25% working interest in three onshore oil and gas exploration permits in the Sidi Mokter region of Morocco after its announcement on the 7th of September 2015.

The Sidi Moktar Licences covers an area of 2,700km² in the Essaouira basin, central morocco. It comprises of a material existing gas discovery in the lower Liassic (Kechoula) where two drilled wells await testing before possible commercial production.

Maghreb Petroleum Exploration (MPE) under the heads of terms grants Sound Energy an option to buy its 25% working interest for £ 1.00.As a result of this, Sound Energy is to issue MPE an ordinary share with a market value of £3,576,000 as well as pay a 1.6% net profit interest from the two existing wells of the Kechoula discovery.

“The Option will, when granted, enable Sound Energy to secure a 25% carried interest in an already successfully drilled gas discovery with potential near term production and significant deeper exploration potential. An interest in Sidi Moktar would also represent the second material asset in Sound Energy's onshore Moroccan gas portfolio, which is underpinned by strong European gas fundamentals. The Company now plans to work with the other partners on the Sidi Moktar Licences, with a view to accelerating progress on the licence area.” James Parsons (photo), Sound Energy’s Chief Executive Officer, told Energy-Pedia news.