Under a field management agreement (FMA), an affiliate of Schlumberger Oilfield Holdings Ltd. will provide integrated technical services, equipment and personnel for Sound Energy’s operation of the Tendrara license onshore Morocco, Sound Energy said Dec. 29.
James Parsons, CEO of Sound Energy, said Schlumberger’s involvement will help de-risk the asset.
Under the agreement, a significant portion of the capex for the first three appraisal wells, and the license’s development afterward, will be funded by Schlumberger.
On June 8, as part of its entry into Morocco and as part of a farm-in with the Moroccan oil and gas investment fund, Sound Energy agreed to fund the full cost of the first three appraisal wells. But now, it will pay only the remaining costs, Sound Energy said.
Schlumberger will fund 80% of the capex of the first well, 75% of the second and 75% of the third.
On commerciality, both companies will fund 50% of the participating interest costs under the farm-in.
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