Sound Energy and Getech ink Morocco exploration deal

28th Oct 2024 10:23

(Sharecast News) - Sound Energy and Getech Group announced a collaboration to explore natural hydrogen and helium resources in Morocco on Monday.

The AIM-traded companies said that under their exploration collaboration agreement, they would undertake a joint regional screening study as an initial phase to identify potential areas for further assessment.

Getech, known for its expertise in locating energy and mineral resources, said it would apply its proprietary gravity and magnetics database, advanced geoscience platform 'Globe', and machine learning algorithms to pinpoint prospective regions.

Sound Energy, leveraging its operational experience and established presence as Morocco's largest onshore hydrocarbon exploration permit holder, would contribute regional geoscience knowledge and facilitate exploration activities.

The agreement outlined the companies' intention to secure exclusive rights for the exploration and exploitation of hydrogen and helium resources.

Sound Energy said it would be responsible for its own costs during the collaboration, with the partnership aiming to move towards geophysical and drilling operations to unlock potential deposits.

"This agreement with Getech, a company with renowned geological expertise in the energy and mining sectors, is a significant first step forward in our strategy to expand our exploration activities into new transition energy resources, starting in Morocco," said Sound Energy's vice-president of geoscience, John Argent.

"With our established presence and operational expertise, combined with Getech's innovative geoscience tools, we are well-positioned to lead the way in seeking to unlock Morocco's hydrogen and helium potential."

Richard Bennett, chief executive officer at Getech, added that his company was "looking forward" to collaborating with Sound Energy to unlock the potential of natural hydrogen and helium resources in Morocco.

"Our advanced geoscience solutions and AI capabilities will play a crucial role in driving cost-effective exploration in this highly promising region," he added.

At 1000 GMT, shares in Sound Energy were up 8.71% at 0.84p, while those in Getech were 2% firmer at 2.3p.

Reporting by Josh White for Sharecast.com.