Sound Energy has agreed to sell 51% of its Tendrara gas exploration concession stake in eastern Morocco to a British company for $112.8 million.
Sound Energy said it entered the agreement with 23 companies and received multiple non-binding offers.
The British gas company has granted the purchaser an exclusivity period, expiring on February the 14th next year, to finalize a binding sale and purchase agreement for 51% of Sound Energy’s stake.
Sound Energy holds 47.5% of the Tendrara portfolio in eastern Morocco, while the Texas-based Schlumberger company, a Sound Energy partner, holds 27.5%, and Morocco’s National Office of Hydrocarbons and Mines holds 25%.
Sound Energy will subsequently retain a 23% overall stake in the Tendrara concession.
