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Sound Energy: Schlumberger takes direct stake in Anoual permit

Whilst procedural, the news reaffirms Schlumberger's active participation in the Tendrara gas project

oil and gas operations
Investors meanwhile await new testing at the TE-10 well

Sound Energy PLC (LON:SOU) has confirmed that its partner Schlumberger has now converted its interest in the Anoual permits, part of the Tendrara exploration venture, into a direct stake in the project.

As a result of the procedural milestone, Sound’s project equity stake amounts to 47.5% alongside Schlumberger with 27.5%, and Moroccan state vehicle ONHYM holding the remaining 25%.

READ: Sound Energy awaits start of TE-10 well testing programme

It concludes the process across all the component parts of the Greater Tendrara project area, all of which is now 27.5% owned by Schlumberger.

Meanwhile, the process is ongoing to convert Schlumberger’s interest in the TE-5 Horst discovery into a direct stake.

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Price: 3.71 GBX

AIM:SOU
Market: AIM
Market Cap: £40.05 m
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Investor Update: Sound Energy agrees deal to sell stake in East Morocco

Headlines from the Proactive UK newsroom. Sound Energy (LON:SOU) has signed a preliminary agreement to sell just over half its stake in its Tendrara licences in East Morocco for US$113mln. The consideration is US$54mln cash and the rest is a carry for future capital...

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