Permit extension boosts Sound Energy

The price of shares in AIM-listed upstream gas firm Sound Energy (LON:SOU) climbed 8.88% to 1.44p (as of 12:45 BST) after the firm secured a 24 month extension to its Sidi Moktar permits in Morocco. The firm has been in discussion with the government regarding the area and an extension has been agreed due to the ongoing disruption caused by COVID.

CEO Mohammed Seghiri commented: “We are not alone in dealing with the disruptions brought about by the COVID-19 pandemic and we are pleased that ONHYM have signed an amendment to extend the initial period extension by 2 years in order to complete our exploration operations. We continue to look forward to unlocking the prize of the pre-salt potential that we believe exists in this area“.