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Wednesday, May 1, 2024
Sound Energy reports that Moroccan state firm ONHYM has agreed on an 18-month extension to the initial period of the Anoual Exploration Permits to July 8, 2024.
Subject to Ministerial approval, the length of the Anoual Initial Period will now be 6 years and 10 months, commencing on or about September 8, 2017, and ending on or about July 7, 2024. The work program commitments for the Initial Period will also be amended.
In addition, subject to Ministerial approval, to the extension to the Initial Period, ONHYM has also approved the merging of the optional First Complementary and the Second Complementary Periods under the Anoual Exploration Permits into a single Complementary Period consisting of 3 years and 8 months. As a result, the Anoual Exploration Permits now have a total duration of 10 years and 6 months and the remaining work commitments under the Anoual Exploration Permits, as revised, will be as follows:
Initial Period of 6 years and 10 months from or about September 8, 2017:
Sound Energy says it has therefore fully satisfied the work commitments under the Initial Period of the Anoual Exploration Permits and the company confirms it has submitted an application to enter the Anoual Complementary Period commencing on or about July 7, 2024.
The work commitment under the Anoual Complementary Period, of a further 3 years and 8 months to conclude on or about March 7, 2028, will require:
Sound plans to fulfil the firm commitment for the Anoual Complementary Period with the drilling of the M5 exploration well.
John Argent, Sound Energy’s VP Geoscience, commented: “We are pleased to have secured these improved and extended terms across our Anoual exploration permits and progress into the next phase of exploration across these permits. We thank our partner ONHYM for their continued support during the constructive discussions we have had and, as partners, we await the necessary Ministerial approvals to conclude such that we can progress with our exploration activities. The Company looks forward to updating stakeholders on our drilling plans to unlock the compelling potential of this basin leveraging the gas infrastructure we are developing at the TE-5 Horst.”
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