UK-based Sound Energy PLC has closed a deal to acquire the entire issued share capital of Schlumberger Silk Route Services Ltd. (SSRS) from Schlumberger Holdings II Ltd. The deal, according to a September 2021 investor presentation, makes Sound Energy the largest onshore operator in Morocco.
SSRS holds a 27.5% participating interest in the Anoual and Greater Tendrara exploration permits in eastern Morocco, together with a 27.5% indirect interest in the Tendrara concession through its contractual relationship with the group. Sound Energy now controls operated working interests of 75% in the exploration permits and in the concession.
In the 8,853-sq km Anoual, two main gas prone plays have been identified beneath the regional salt seal: the Triassic TAGI and underlying Paleozoic formations, both of which are extensions of oil and gas plays established across the border in Algeria, Sound Energy noted on its website. In 2020, Sound Energy renegotiated the permit terms amending the work program having already completed the commitment to acquire FTG aerogradiometry and 600 km of 2D seismic by end 2018 (OGJ Online, July 7, 2020). ONHYM holds the remaining 25% interest in the license area.
Eight wells have been drilled in the 14,411-sq km greater Tendrara permit, and the company is working to advance monetizing the 377 bcf, 2C (100%) gas resource through a phased development, the company noted the September investor presentation.
Completion of the deal with Schlumberger, coupled with a recent 10-year take or pay offtake agreement with Afriquia Gaz, advances progression toward a final investment decision for its scalable, Phase 1 micro LNG project, said Graham Lyon, executive chairman, Sound Energy, in an Aug. 31 release (OGJ Online, Feb. 17, 2020).