TORONTO, ONTARIO–(Marketwired – July 10, 2017) – PetroMaroc Corporation plc (TSX VENTURE:PMA), (the “Company” or “PetroMaroc”) announces that following the successful test of the Koba well in the upper Argovian section where natural gas was produced and flared, Sound Energy has temporarily suspended the well to address H2S safety issues. An extended test program will begin in September 2017 to delineate the commercial significance of the upper zones. Additional seismic will be undertaken to further delineate the area in question. In the meantime Sound Energy plc’s CEO James Parsons has indicated the company intends to use best efforts to initiate production from Koba by the year-end. The deeper Jurassic and Triassic formations remain significant objectives and will be evaluated after a long-term program is formulated for the Koba and Kamar wells and the remainder of the Kechoula structure.
Commenting, D. Campbell Deacon, Chief Executive Officer of PetroMaroc, said: “The Sound Energy work program is well conceived and PetroMaroc remains wholly supportive of management’s efforts and strategy.”
PetroMaroc Corporation plc is an independent oil and gas exploration company. PetroMaroc holds a substantial share ownership position in Sound Energy plc, and net profit interests in the Sidi Moktar licence (onshore Morocco), which the Company considers to be a committed long-term partner who will work to unlock the hydrocarbon potential of the Essaouira region. PetroMaroc is a public company and its common shares are listed on the TSX Venture Exchange under the symbol “PMA”.
Special Note Regarding Forward Looking Statements
This press release contains forward-looking statements. Such forward-looking statements relate to future events or the Company’s future performance. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “predict”, “project”, “potential”, “targeting”, “intend”, “could”, “might”, “continue” or the negative of these terms or other similar terms.
Forward-looking statements are only predictions. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Some of the risks and other factors which could cause results to differ materially from those expressed in the forward-looking statements contained in this press release.
Although the forward-looking statements contained in this press release are based upon factors and assumptions which management of the Company believes to be reasonable, the Company cannot assure that actual results will be consistent with its expectations and assumptions. Undue reliance should not be placed on the forward-looking statements contained in this news release as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. These statements speak only as of the date of this press release, and the Company does not undertake any obligation to publicly update or revise any forward-looking statements except as expressly required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities of PetroMaroc in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933 (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration is available.
PetroMaroc Corporation plc
Chief Financial Officer
+44 (0) 20 3137 7756