By Anthony O. Goriainoff

Sound Energy PLC said Monday that it has conditionally agreed to buy Schlumberger Silk Route Services Ltd. from Schlumberger Holdings II Ltd.

The Morocco-focused, U.K.-listed gas company said it will make an initial $1 payment on completion and that it may make future payments based on a profit sharing deed. Under this type of agreement Sound Energy will pay an amount equivalent to between 8% and 11% of total net profits arising from the concession over a 12-year period.

The company said the acquisition is conditional upon Schlumberger Holdings taking the necessary steps–which include the settlement of all intercompany balances–on or before Sept. 5, 2021, in order to sell the entire issued share capital of SSRS on a cash-free, debt-free

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