Sound Energy received a 24-month extension to the initial period of the Sidi Moktar permits from L'Office National des Hydrocarbures et des Mines (ONHYM). The permit covers 4,712 sq km in the Essaouira basin, central Morocco. The original permit period was awarded on February 2018 for 2 years and 6 months but has been extended to 4 years and 6 months, commencing Apr. 9, 2018, due to disruptions caused by COVID-19.
The work program commitments for the initial period remain unchanged. Lengths of first and second complimentary periods, which would commence upon successful completion of the recently extended initial period, remain unchanged at 3 years, and 2 years and 6 months, respectively.
Sound Energy is operator (75%) with partner ONHYM (25%).
