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Schlumberger opts for direct participation in Anoual permit

In Morocco, Sound Energy has announced that Schlumberger has converted its 27.5% of optional shares into the Anoual license in direct participation. A transaction completed after receipt of the required regulatory approvals.

It completes the conversion process of Schlumberger’s previously synthetic holdings into Sound Energy’s exploration portfolio in eastern Morocco in a direct licensing position.

Schlumberger now holds a 27.5% direct license in the Greater Tendrara Petroleum agreement, previously confirmed, and in Anoual permits where traces of oil were detected last June.

On the other hand, on Tendrara, which houses the TE-5 Horst discovery, the process is still in progress. Sound said that updates will be released shortly.

Sound controls an unchanged stake in the Anoual permit of 47.5%. The rest is in the hands of Schlumberger (27.5%) and the National Office of Hydrocarbons and Mines of Morocco (25%).

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