PetroMaroc Corporation plc announced that it has reached a non-binding heads of agreement with a specialist Mediterranean gas company. Sound Energy plc under which Sound Energy partners with PetroMaroc on onshore gas licences located in Morocco. The Heads of Agreement contemplates a transaction pursuant to which Sound Energy would acquire the Sidi Moktar Licenses in consideration for (i) issuance to PetroMaroc of ordinary shares in the capital of Sound Energy with a market value of GBP 3,650,000 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 (ii) a 5% net profit interest in any future cash flows from structures within the Sidi Moktar Licences other than the Kechoula structure.

The Proposed Transaction is subject to a number of conditions precedent, including the consent of PetroMaroc's debentureholders, receipt of the various required regulatory approvals, as applicable and other customary conditions.