Sound Energy has stricken a deal to acquire all of Oil & Gas Investment Fund’s (OGIF) assets in Eastern Morocco – that includes 20% Tendrara, 75% of the Meridja project and a 75% stake in acreage close to Tendrara. Sound Energy will thus acquire the OGIF’s hydrocarbon assets in eastern Morocco in exchange for 272m shares in the company, the company said. This means that the OGIF, which is owned by seven large Moroccan financial institutions, will be a second cornerstone investor with future non-executive board representation. The company’s Chief executive James Parsons says the proposed deal gives the company a “hugely attractive, material and consolidated portfolio” across Eastern Morocco. Sound Energy confirmed the success of a second TE-7 gas well lying only 1.6 km away from its TE-6 first well.

Source: The North Africa Journal January 21, 2017 07:35 UTC