Sound has signed a heads of agreement to farm-out the 50% stake to Culebra Petroleum via a partial sale of its 100%-owned Sound Energy Morocco South subsidiary, which holds a 75% operated interest in the Sidi Moktar licences.
Sound will sell a 66.67% interest in the subsidiary to Culebra in exchange for $6 million and a commitment to invest up to $18 million in the licences, including a carry of Sound of up to $4.5
