Sound Energy said it has completed its previously announced deal with a unit of Schlumberger, as it moves forward to a final investment decision on its planned small-scale LNG facility in Morocco.
The London-listed and Morocco-focused upstream gas company has purchased the entire issued share capital of Schlumberger Silk Route Services (SSRS) from Schlumberger Holdings II.
SSRS holds a 27.5 percent participating interest in the Anoual and Greater Tendrara exploration permits in Eastern Morocco.
Also, it has a 27.5 percent indirect interest in the Tendrara concession through its contractual relationship with the group.
Sound Energy now controls operated working interests of 75 percent in the exploration permits and in the concession, it said.
“This accretive transaction has now completed and underlines Sound Energy’s position as the leading gas developer in Morocco,” Graham Lyon, Sound Energy’s executive chairman, said.
“Following the recently announced gas sales agreement with Afriquia Gaz, Sound Energy is now moving inexorably forward to the final investment decision for its micro LNG project,” he said.
To remind, Sound Energy revealed the deal with Afriquia Gaz in July under which the latter would buy not less than 171,000 cbm of LNG per year.
This equals about 100 million cbm a year of gas from the first phase of the LNG project which would receive gas from the TE-5 Horst field in the Tendrara production concession.