Sound Extends Sidi Moktar Acreage
Sound Energy has been awarded an eight-year petroleum agreement relating to the area covered by the Sidi Moktar onshore exploration permits in the Essaouira Basin of central Morocco, it said February 12.
The award was made by upstream regulator ONHYM and is subject to Moroccan energy and finance ministry approval. Sound Energy will hold an operated 75% position, with 25% retained by ONHYM.
The new Sidi Moktar Petroleum Agreement covers some 4,499 km2 and will be named 'Sidi Moktar Onshore' (comprising its erstwhile sub-areas 'Sidi Moktar I', 'Sidi Moktar II' and 'Sidi Moktar III').
As with all Moroccan licences, there are three pre-agreed phases. In this case, the first of two and a half years is for seismic acquisition, followed by a first optional three-year period with one required exploration well, and then another optional three-year period with a second exploration well. Sound has highlighted an exploration potential best case of 8.9 trillion ft3 (252bn m3) on Sidi Moktar Onshore, including the existing Kechoula gas discovery. Sound has been involved at Sidi Moktar for two years.