Sound Energy has entered into a Field Management Agreement with an affiliate of Schlumberger Oilfield Holdings Limited (the 'FMA') in relation the Tendrara licence, onshore Morocco (the 'Tendrara Licence').
Under the FMA:
Schlumberger will provide integrated technical services, equipment and personnel to Sound Energy, Operator of the Tendrara Licence;
Schlumberger will fund a significant proportion of the capital expenditure on the first three Tendrara appraisal wells, and of the development of the licence area thereafter; and
Schlumberger will be granted an upside linked to production performance.