British company Sound Energy sealed a new 8-year petroleum deal with Morocco, the company announced in a statement on Friday.
The agreement was signed by the Moroccan State regulator for petroleum operations, and will come into force upon approval of the Moroccan Energy and Finance Ministries, the statement said.
The new Greater Tendrara Petroleum Agreement covers an area of approximately 14,500 square km stretching across eastern Morocco, it noted.
It will combine the areas covered by former agreements granted in 2013 and 2017, in addition to the existing Anoual petroleum agreement and the production concessions relating to the Tendrara gas discovery in eastern Morocco, according to the statement.
"I am delighted to announce that we have contractually secured our rights on this potentially transformational acreage up to 2026," said James Parsons, CEO of Sound Energy.
Editor:Cherie
