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Sound Energy receives ministerial approval for Sidi Moktar license
Moroccan focused upstream gas company Sound Energy has seen "significant inbound third party interest" after the firm received Ministerial approval for the Sidi Moktar Onshore Petroleum Agreement awarded to the firm back in February.
Following the completion of further subsurface evaluations, Sound Energy initiated a formal farm-out process for the Sidi Moktar Onshore licence in Central Morocco, of which it holds a 75% operating position, as it looked to fund the project's work programme moving forward, whilst retaining operatorship.
Sound Energy released initial volume estimates Sidi Moktar's exploration potential, following an independent preliminary technical evaluation, mapping out a portfolio of 28 Liassic, Triassic and Paleozoic leads in a variety of hydrocarbon trap types across the permit area.
The AIM-quoted firm revealed on Tuesday that it had also completed a subsurface evaluation of the Western area of Sidi Moktar and was close to finalising a mapped portfolio and comprehensive Petroleum System Model over the entire area.
As of 0945 BST, Sound shares had collected 3.45% to 40.14p.