Sound Energy begins farming out in Morocco

Morocco-focused upstream gas outfit Sound Energy (LON:SOU) has initiated the farm out process for its Sidi Moktar licence as it looks to fund development while retaining operatorship. The company currently holds a 75% position, with the remainder being held by the Moroccan government.

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The firm announced earlier this week that it had finished a subsurface evaluation of the western area of the license and was close to completing a full mapped portfolio and petroleum system model. Shares in Sound Energy stood at 39.68p at 1325 BST, up by 2.27% over the open.