Sound Energy Looks to Buy OGIF's Assets in Eastern Morocco

African and European focused upstream gas company, Sound Energy, has signed a non-binding heads of agreement for the acquisition of all of Oil & Gas Investment Fund's (OGIF's) assets in Eastern Morocco.

As part of the deal, Sound plans to acquire a further 20 percent interest in Tendrara, a 75 percent interest in Meridja and an application for a 75 percent position in the relinquished area close to Tendrara. The consideration for the acquisition will be 272 million new ordinary shares in the company, subject to shareholder approval.

OGIF is a Moroccan fund, owned by six large Moroccan financial institutions: Attijariwafa Bank Group (the largest Moroccan bank), CIMR and CDG Group (the largest Moroccan Pension Funds), Finance Com (Investment Company), Mamda-Mcma and Saham (Insurance Companies).

"Morocco is a fast growing and low risk emerging country with significant hydrocarbon potential,” Mohammed Benslimane, CEO of OGIF's management company, said.

“This new partnership aligns the interests of OGIF and Morocco's largest financial institutions with those of Sound Energy. We see huge short term upside potential in the equity of Sound Energy and look forward to what will certainly be a successful future together,” he added.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Lundin Norway Makes Oil, Gas Find in B... (Feb 24)
 -  PSA: Norway's Petroleum Industry Must ... (Feb 24)
 -  Sound Energy Progresses Tendrara Drill... (Feb 24)
 -  Lukoil Finds Oil at Iraq Well (Feb 22)
 -  Gazpromneft-Sakhalin: Ayashsky License... (Feb 22)


Most Popular Articles

From the Career Center
Jobs that may interest you
Paralegal - Legal Administrative Assistant
Expertise: Legal|Secretarial or Administrative
Location: Dallas, TX
 
Associate Project Manager
Expertise: Project Engineer|Project Management
Location: Kennesaw, GA
 
Senior Project Manager
Expertise: Project Engineer|Project Management
Location: Atlanta, GA
 
search for more jobs

Brent Crude Oil : $56.58/BBL 1.32%
Light Crude Oil : $54.45/BBL 1.60%
Natural Gas : $2.62/MMBtu 1.15%
Updated in last 24 hours