The deal, announced on Tuesday, significantly reduces Sound’s cost exposure for the planned drilling effort, with Schlumberger also pledging to bankroll a portion of development expenses in the event the licence is declared commercial.
Sound was required to fund the entire costs of the three wells under a farm-in pact inked earlier this year whereby it gained a 55% stake and operatorship of the 14,500 square-kilometre tract that covers eight blocks in north-east Morocco and hosts two existing gas discoveries.
Schlumberger
