Sound Energy said it and PetroMaroc Corp. have revised the terms relating to the former's acquisition of a 50% operated stake in in three onshore gas permits in Morocco, together known as the Sidi Moktar Licences. It said there have been a number of developments that have impacted the companies' original agreement, including the recent increase in its share price. "The parties wish to ensure that their respective interests are protected in a reasonable and fair manner and have therefore entered into a revised binding agreement," Sound Energy said. PetroMaroc will now receive all proceeds from sale(s) up to 50p per consideration share and sale proceeds in excess of 50p per Consideration Share will be shared equally between PetroMaroc and Sound Energy. In addition, the long stop date for completion of the Acquisition has been extended to 31 December 2016 or such later date as is necessary to satisfy the remaining conditions precedent.
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