PetroMaroc Corporation holds net profit interests in the Sidi Moktar licence (onshore Morocco).
History in Morocco
Petromaroc entered Morocco in 2007 with the acquisition of minority interests in two permits in the Tarfaya and Zag areas in southern Morocco. Subsequently, the Company acquired interests in two offshore blocks, Sidi Moussa and Foum Draa. In 2011, PetroMaroc entered into a farmout agreement in the Sidi Moktar exploration licence with Maghreb Petroleum Exploration (MPE) to earn a 50 percent working interest in some 2,683 square kilometres in the Essaouira Basin.
Petromaroc invested US$35 million in the Sidi Moktar exploration licence on exploration, composed of geological, geophysical, drilling and evaluation work resulting in the potential discovery of significant quantities of natural gas in the Kechoula structure which covers more than 50 square kilometres. The Company, as operator, drilled two exploration wells (Q4 2013, Q2 2014) which confirmed the commercial resource potential of this region.
In March 2016, Petromaroc announced the signature of a binding sale and purchase agreement with AIM listed Sound Energy plc (“Sound Energy”), which sale and purchase agreement completed in January 2017. Pursuant to the sale and purchase agreement, Sound Energy acquired Petromaroc’s 50% working interest in the Sidi Moktar Licences in consideration for (i) issuing to PetroMaroc 21,258,008 ordinary shares in the capital of Sound Energy; and (ii) granting to PetroMaroc of (a) a 10% net profit interest in any future cash flows from the Kechoula structure within the Sidi Moktar Licences; and (b) a 5% net profit interest in any future cash flows from structures within the Sidi Moktar Licences other than the Kechoula structure ((ii) collectively the “Sidi Moktar Net Profit Interests”).
The Company retains a material upside with its ownership of the Sidi Moktar Net Profit Interests. Sound Energy’s near-term Sidi Moktar work commitments include acquiring and processing 500 kilometres of 2D seismic and a short well test of the Koba-1 well, with the additional optional work programme commitments including two exploration wells with a minimum Liassic objective and acquisition and processing 150 square kilometres of 3D seismic. The Sound Energy work program is well conceived and Petromaroc remains wholly supportive of management’s efforts and strategy.
In December 2018 PetroMaroc Corporation announce that it has completed its previously announced arrangement under the provisions of section 192 of the Canada Business Corporations Act with Wolverine Energy and Infrastructure Inc. pursuant to which Wolverine has acquired all of the common shares of PetroMaroc. Under the terms of the Arrangement, each former PetroMaroc shareholder is entitled to receive 0.052942 of a common share of Wolverine for each PetroMaroc share held prior to the Arrangement.
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PetroMaroc’s share register has been passed from Computershare Toronto to Odyssey Trust Company, who are Wolverine’s registrar.
Odyssey Trust Company
Odyssey Trust Company
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British Colombia V6C 1T2,
Attn: Corporate Actions