Sound Energy has revealed that under a field management agreement (FMA), a subsidiary of Schlumberger Oilfield Holdings Ltd. is to provide integrated technical services, equipment and personnel for its operation on the Tendrara license onshore Morocco.

This agreement, allows for Schlumberger to fund a substantial portion of the capex for the first three appraisal wells, and the development of licences after that.

According to the CEO of Sound Energy, James Parsons, Schlumberger’s participation in the operation will assist in de-risking the asset.

towards its entry into Morocco and as part of a farm-in with the Moroccan oil and gas investment fund, Sound Energy had on June 8, 2015, decided to finance the full cost of the first three appraisal wells but now, it is to only pay the remaining costs.

However, Schlumberger is to fund 80% of the capex of the first, 75% of the second and 75% of the third well. Both companies are to also fund 50% of the participating interest costs under the farm-in on commercial basis, E&P News reports.