Hydrocarbons: Sound Energy’s Mohammed Seghiri faces trouble in Tendrara, Morocco
Already late with its agreement with ONEE (Morocco’s electric and drinking water utility), the British oil and gas junior is struggling to finalise the partial sale of its stake in the LNG and pipeline project in eastern Morocco. The company must now come up with back-up solutions after its share price plummeted tenfold in just a year.
17/02/2020 at 20h14, by Aurelie Benoit
In November 2019, Mohammed Seghiri, CEO of Sound Energy, announced that the company would discuss selling a portion of the interest that the junior holds in the country’s east. The transaction covers half of its current 47.5% stake in the Greater Tendrara and Anoual exploration licences that it holds with Schlumberger and Morocco’s National Office of Hydrocarbons and Mines (ONHYM), which hold a 27.5% and 25% stake, respectively.
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