PetroMaroc Corporation plc (TSX VENTURE:PMA), an independent oil and gas company focused on Morocco (the "Company" or "PetroMaroc") is pleased to announce its financial and operating results for the first quarter of 2017.
Commenting, D. Campbell Deacon, Chief Executive Officer of PetroMaroc, said: "In early January 2017, the Company completed the sale and purchase agreement with Sound Energy plc ("Sound Energy"), following which, PetroMaroc's ownership of consideration shares in Sound Energy enable the Company to be positioned to leverage off Sound Energy's operating capability in country and balance sheet whilst retaining material upside with the Sidi Moktar Net Profit Interests. On May 17, Sound Energy announced a rig has arrived at Sidi Moktar.
Sound Energy plan to complete a 2 stage workover through May 2017 - June 2017, which will include (i) completion, perforation and testing of the Lower Liassic in Koba-1 and possible additional testing of the Argovian in Koba-1, and (ii) completion, perforation and testing of the Lower Liassic in Kamar-1 and possible additional testing of the Dogger in Kamar-1. Should the wells deliver a commercial flow rate, Sound Energy will complete an Extended Well Test and assuming a successful test, target first commercial gas to the domestic market, around the end of 2017. ...During Q1 2017, general and administrative costs totalled US$0.20 million, representing a 79% decrease in comparison to 2016 (US$0.95 million), and a 61% decrease in comparison to 2015 (US$0.54 million)."
During the quarter the Company successfully executed settlement agreements with almost all of its unsecured creditors.
PetroMaroc today filed its financial statements for the quarter ended March 31, 2017, together with its Management's Discussion and Analysis in respect of the Company's financial results for the quarter ended March 31, 2017. These documents are available on the PetroMaroc website at www.petromaroc.co or under the Company's profile on SEDAR at www.sedar.com.
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".
SOURCE: PetroMaroc Corporation plc
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