Sound Energy Secures Extended Timeline for Anoual Exploration in Morocco

British energy firm Sound Energy PLC has garnered approval from Morocco’s National Office of Hydrocarbons and Mines (ONHYM) for a 24-month extension of its Anoual exploration permits in Eastern Morocco. This development comes after the company had already secured an 18-month extension earlier this year.

The Anoual permits cover an expansive area of 8,873 square kilometers and are now set to extend beyond their initial period, concluding in January 2025, with the complementary period running until September 2028. Pending approval from the Ministry of Energy Transition and Sustainable Development, the total duration of the permits will span 11 years.

Sound Energy remains committed to fulfilling the existing obligations under the terms of the permits. This includes the firm commitment for the complementary period, which involves drilling the M5 exploration well as outlined in a previous statement dated August 9, 2022.

John Argent, Vice President of Geosciences at Sound Energy, underscored the significance of the extension and expressed appreciation for ONHYM's support. "We eagerly await the necessary ministerial approvals allowing us to progress with the drilling of the M5 prospect. This represents a significant opportunity to discover a much thicker TAGI reservoir section, across a very large structure in the center of the Tendrara Basin, potentially rich in gas," said Argent.

The recent extension follows the 18-month prolongation granted at the end of April, highlighting the ongoing strategic efforts to explore and develop Morocco's hydrocarbon resources.

In a related development, Sound Energy Morocco East Limited, the Moroccan subsidiary of Sound Energy, has become part of the Managem group. This partnership entails Managem acquiring a 55% stake in the Tendrara exploitation concession, a 47.5% stake in the Greater Tendrara exploration permit, and a 47.5% stake in the Anoual exploration permit.

This strategic collaboration and the extended timeline underscore Sound Energy's continued investment in Morocco's energy sector, paving the way for potential new discoveries and further development of the region's resources.