Sound Completes OGIF Assets Acquisition
UK-listed gas explorer, Sound Energy, said September 12 that its acquisition of interests in eastern Morocco held by Moroccan Oil & Gas Investment Fund has been completed. This follows receipt of final approvals in relation to the Anoual and Tendrara licence areas.
As a result, Sound Energy now holds an operated 75% position (of which 27.5% shared with Schlumberger, resulting in a net 47.5% position for Sound) in: the Tendrara, and Anoual (formerly Meridja) production licences, and Mararka exploration licence (which covers previously relinquished Tendrara acreage).
In exchange, Sound will now issue 272mn new ordinary shares to OGIF, representing 27% of Sound’s issued ordinary share capital. The right to issue new shares was approved by Sound’s shareholders on March 15 2017. Dealings in the new shares are expected to start 8am September 18 on the London Stock Exchange, after which Sound will have 1,007,429,393 ordinary shares in issue.
Following admission, the relationship agreement between the company and OGIF – as detailed in February 2017 -- will take effect.