PetroMaroc Corporation plc (the “Company” or “PetroMaroc”), is pleased to announce that it has completed the disposition to Sound Energy plc (“Sound Energy”) of its 50% working interest in the Sidi Moktar Licenses located in Morocco in consideration for (i) 21,258,008 ordinary shares in the capital of Sound Energy; (ii) granting to PetroMaroc of a 10% net profit interest in any future cash flows from the Kechoula structure within the Sidi Moktar Licences; and (iii) a 5% net profit interest in any future cash flows from structures within the Sidi Moktar Licences other than the Kechoula structure.
D. Campbell Deacon, PetroMaroc’s Chief Executive Officer, commented: “PetroMaroc is pleased to announce the completion of the Sound Energy transaction which creates a strong relationship between PetroMaroc and Sound Energy. PetroMaroc is positioned to leverage off Sound Energy’s operating capability in country and balance sheet whilst retaining material upside. We look forward to the near-term testing of Kechoula.”
PetroMaroc Corporation plc (TSX VENTURE:PMA) is an independent oil and gas exploration company. PetroMaroc holds a substantial share position in Sound Energy plc, and net profit interests in the Sidi Moktar licence (onshore Morocco), as a committed long-term partner to unlock the hydrocarbon potential of the Essaouira region. PetroMaroc is a public company and its common shares are listed on the TSX Venture Exchange under the symbol PMA.