Mediterranean and African focused upstream company Sound Energy has renegotiated a deal with PetroMaroc Corporation plc for the acquisition of a 50 percent operated interest in three onshore gas permits located in Morocco.
Since the initial agreement, announced in March, there have been a number of developments that have impacted the deal, says Sound, including the recent increase in the company's share price. As a result, the parties have stated that they wish to ensure that their respective interests are protected in a reasonable and fair manner and have therefore entered into a revised binding agreement.
Under the new agreement any proceeds from a sale, in whole or in part, of the 21,258,008 new Sound Energy ordinary shares to be issued to PetroMaroc, as consideration on completion of Sound Energy's acquisition of the Sidi Moktar Licenses, will be shared between Sound Energy and PetroMaroc as follows; PetroMaroc will receive all proceeds from sale(s) up to 50 pence per Consideration Share and sale proceeds in excess of 50 pence per Consideration Share will be shared equally between PetroMaroc and Sound Energy.
In addition, the long stop date for completion of the acquisition has been extended to December 31, or such later date as is necessary to satisfy the remaining conditions precedent.
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