Sound Energy completes OGIF acquisition

Sound Energy, the African and European focused upstream gas company, has announced the completion of the Company's previously announced acquisition of the interests of Oil & Gas Investment Fund ('OGIF') in Eastern Morocco following receipt of final approvals in relation to the Anoual and Tendrara licence areas.

As a result, the Company now holds:

  • An operated 75% position, of which 27.5% is shared with Schlumberger resulting in a net 47.5% position for the Company, in the Tendrara petroleum agreement; and
  • An operated 75% position, of which 27.5% is shared with Schlumberger resulting in a net 47.5% position for the Company, in the Anoual petroleum agreement (formely the Meridja reconnaissance area); and
  • An operated 75% position, of which 27.5% is shared with Schlumberger resulting in a net 47.5% position for the Company, in the Mararka reconnaissance exploration licence (covering the previously relinquished Tendrara acreage).
  • In consideration, the Company will now issue 272,000,000 new ordinary shares to OGIF (the "Consideration Shares"). The issue of the Consideration Shares, which represent 27.0% of the Company's issued ordinary share capital, as enlarged by the issue of the Consideration Shares, was approved by Sound Energy shareholders on 15 March 2017.

Application will be made to the London Stock Exchange plc for the Consideration Shares, which rank pari passu with the Company's existing ordinary shares, to be admitted to trading on AIM ("Admission"). Dealings are expected to commence at 8.00 a.m. on 18 September 2017. Following the issue of the Consideration Shares the Company will have 1,007,429,393 ordinary shares in issue.

Categories: 
Regions: 
Country: 
Company: