TORONTO, ONTARIO–(Marketwired – Jan. 9, 2017) – PetroMaroc Corporation plc (TSX VENTURE:PMA) (the “Company” or “PetroMaroc”), is pleased to announce that it has completed the disposition to Sound Energy plc (“Sound Energy”) of its 50% working interest in the Sidi Moktar Licenses located in Morocco in consideration for (i) 21,258,008 ordinary shares in the capital of Sound Energy; (ii) granting to PetroMaroc of a 10% net profit interest in any future cash flows from the Kechoula structure within the Sidi Moktar Licences; and (iii) a 5% net profit interest in any future cash flows from structures within the Sidi Moktar Licences other than the Kechoula structure.
D. Campbell Deacon, PetroMaroc’s Chief Executive Officer, commented: “PetroMaroc is pleased to announce the completion of the Sound Energy transaction which creates a strong relationship between PetroMaroc and Sound Energy. PetroMaroc is positioned to leverage off Sound Energy’s operating capability in country and balance sheet whilst retaining material upside. We look forward to the near-term testing of Kechoula.”
PetroMaroc Corporation plc is an independent oil and gas exploration company. PetroMaroc holds a substantial share position in Sound Energy plc, and net profit interests in the Sidi Moktar licence (onshore Morocco), as a committed long-term partner 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”, “contemplates” 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 include, but are not limited to: the ability of the Company to maintain its strong relationship with Sound Energy, the ability of the Company to successfully leverage off of Sound Energy’s operating capability and balance sheet, the ability of Sound Energy to successfully test the Kechoula structure; general economic conditions in Canada, the Kingdom of Morocco and globally; industry conditions, including fluctuations in the price of oil and gas, governmental regulation of the oil and gas industry, including environmental regulation; fluctuation in foreign exchange or interest rates; risks inherent in oil and gas operations; political risk, including geological, technical, drilling and processing problems; unanticipated operating events which could cause commencement of drilling and production to be delayed; the need to obtain consents and approvals from industry partners, regulatory authorities and other third‐parties; stock market volatility and market valuations; competition for, among other things, capital, acquisitions of reserves, undeveloped land and skilled personnel; incorrect assessments of the value of acquisitions or resource estimates; any future inability to obtain additional funding, when required, on acceptable terms or at all; credit risk; changes in legislation; any unanticipated disputes or deficiencies related to title matters; and dependence on management and key personnel.
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.
PetroMaroc Corporation plc
Chief Financial Officer
+44 (0) 20 3137 7756