Morocco Extends Sound Energy’s Gas Exploration Permit in Anoual Region

The Anoual permit provided for an optional first additional period of 2.5 years. This should allow the drilling of an exploration well. This period is now postponed by one year, and its conditions have also changed. Indeed, after the drilling, if the results of the exploration well are likely to constitute a commercially exploitable discovery, 150 km² of 3D seismic data or its equivalent in 2D seismic data will be acquired during this phase 2. Otherwise, "Sound Energy" will undertake other geological and geophysical studies, but will not be required to acquire this additional data. The 3rd phase of 2.5 years, on the other hand, remains unchanged.

On this occasion, there was an important message. This is the one from Mohammed Seghiri, the head of operations. He said he was delighted, despite the challenges due to the Covid-19 restrictions, to readjust this exploration work program undertaken on the Anoual exploration permit. He also hinted that this renegotiation will unlock the exploration potential of the eastern Morocco basin. Moreover, it will facilitate the planned sequencing of its development plan for phase 1 of the Tendrara production concession.

It should be remembered that, like all Moroccan exploration permits, Anoual is divided into three phases, each with previously agreed commitments with ONHYM. Anoual covers an area of about 8,873 square kilometers.