Sound Energy, the European / Mediterranean focused upstream oil and gas company, is pleased to announce:
•a Memorandum of Understanding between Sound Energy and Schlumberger Oilfield Holdings Limited in respect of a strategic relationship between Sound Energy and Schlumberger across Europe and Africa; and
•a Term Sheet with Schlumberger Production Management, the production management arm of Schlumberger regarding the Tendrara licence, onshore Morocco.
The non-binding Term Sheet represents the first preliminary agreement to be entered into under the MOU and where it is envisaged that, subject to the execution of a definitive project agreement, SPM will collaborate with the Company on the Tendrara licence in Morocco. This collaboration would include SPM providing integrated technical services on a risked basis with an upside linked to production performance.
Schlumberger is the world's largest oilfield services company and the leading supplier of technology, project management and information services to the oil and gas sector worldwide.