Sound Energy PLC Phase 1 Development -- Issue of Notice to Proceed (7891B)
February 16 2022 - 2:00AM
UK Regulatory
TIDMSOU
RNS Number : 7891B
Sound Energy PLC
16 February 2022
16 February 2022
Sound Energy plc
("Sound Energy", the "Company" and together with its
subsidiaries the "Group")
Phase 1 Development - Issue of Notice to Proceed to
Italfluid
Sound Energy, the energy transition company, is delighted to
announce the issue to Italfluid Geoenergy S.r.l. (the 'Contractor")
of "Notice to Proceed" in respect of the project contract for the
Tendrara Concession mLNG Facilities Onshore, Kingdom of Morocco,
between the Group and the Contractor (the "Project Contract").
The Notice to Proceed has been issued to the Contractor by Sound
Energy's wholly owned subsidiary, Sound Energy Morocco East Limited
("SEMEL") and, following an initial payment of US$5 million by
SEMEL (on behalf of the Tendrara Concession JV) to the Contractor
(the "Initial Payment"), will oblige the Contractor to execute the
works set out in accordance with the Project Contract for the
provision of a gas processing and liquification facility in
relation to the Phase 1 development of the Tendrara Concession.
Following the issue of the Notice to Proceed, the Company has
also notified Afriquia Gaz S.A. ("Afriquia") that pursuant to the
Loan Note Subscription Agreement ("LNSA") entered into between the
Company and Afriquia on 29 December 2021, all necessary
undertakings and agreements have been completed and that the
Project Contract is now in full force and effect. As a result, the
LNSA is now in full force and effect and the Group intends to
immediately draw down a proportion of the funds available under the
LNSA to meet the Initial Payment.
Further announcements will be made, as appropriate, in due
course.
Graham Lyon, Sound Energy's Executive Chairman, commented:
"W e are delighted to have issued the Notice to Proceed to
Italfluid and to have satisfied all conditions to give
effectiveness to both the Project Contract and LNSA, which means
that following receipt of the Initial Payment by Italfluid, the
execution phase of our fully funded Phase 1 micro LNG development
of the Tendrara Concession will be underway. This is a key
milestone for the Company and we look forward to working with our
strategic partners, Italfluid and Afriquia Gaz, together with our
joint venture partner, ONHYM, in developing the project and
delivering gas to the Moroccan market in around 2 years."
For further information please contact:
Vigo Communications - PR Adviser Tel: 44 (0)20 7390 0230
Patrick d'Ancona
Chris McMahon
Sound Energy chairman@soundenergyplc.com
Graham Lyon, Executive Chairman
Tel: 44 (0)20 7397 8900
Cenkos Securities - Nominated Adviser
Ben Jeynes
Peter Lynch
SP Angel Corporate Finance LLP - Broker
Richard Hail Tel: +44 (0)20 3470 0470
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulation (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCFLFEDFTIELIF
(END) Dow Jones Newswires
February 16, 2022 02:00 ET (07:00 GMT)
Sound Energy (LSE:SOU)
Historical Stock Chart
From Mar 2024 to Apr 2024
Sound Energy (LSE:SOU)
Historical Stock Chart
From Apr 2023 to Apr 2024