TIDMSOU

RNS Number : 1070E

Sound Energy PLC

09 March 2022

9 March 2022

Sound Energy plc

("Sound Energy", the "Company" and together with its subsidiaries the "Group")

Gas Sales Agreement: Phase 2 Tendrara Development

Sound Energy, the Moroccan focused upstream gas company, announces an extension to the date by which the conditions to its binding gas sale and purchase agreement (the "GSA") in respect of the Phase 2 development of the Tendrara Production Concession with Morocco's state owned power Company ONEE (Office National de l'Electricite et de l'Eau potable) for the sale of natural gas from the Tendrara Concession in Eastern Morocco over a 10 year period are required to be satisfied by a further three months (the "GSA Extension"). The terms of the GSA were announced by the Company on 30 November 2021.

The GSA remains conditional upon, inter alia: (i) all necessary authorisations and permits having been granted for the construction of the Phase 2 gas installations (ii) the final investment decision, when taken, by the Tendrara joint venture partners, being approved by the Moroccan Ministries of Transition Energy and Sustainable Development and Economy and Finance; and (iii) the entry by the Tendrara joint venture partners of an interconnection agreement with the operator of the GME Pipeline, and the commencement of works, for the connection of the Tendrara Production Concession to the GME Pipeline.

Progress has been made in the preparation of pipeline entry agreements, term sheets for financing, approvals and FID and consequently all parties have agreed to a 90 day extension period to the GSA.

Further announcements will be made, as appropriate, in due course.

Graham Lyon, Sound Energy's Executive Chairman, commented:

"The progress on the various conditions over the last 90 days is encouraging to all particularly the interest of local and international funding partners financing and as such the extension of the agreement of the GSA is welcomed. We are delighted with this confirmation that the UK-Morocco, ONHYM and Sound Energy partnership is working well."

For further information please contact:

 
 Vigo Consulting - PR Adviser                            Tel: +44 (0)20 7390 0230 
  Patrick d'Ancona 
  Chris McMahon 
 Sound Energy                                         chairman@soundenergyplc.com 
  Graham Lyon, Executive Chairman 
 Cenkos Securities - Nominated Adviser                   Tel: +44 (0)20 7397 8900 
  Ben Jeynes 
  Peter Lynch 
 SP Angel Corporate Finance LLP                          Tel: +44 (0)20 3470 0470 
  Richard Hail

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (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

AGRUPUAGWUPPPUR

(END) Dow Jones Newswires

March 09, 2022 02:00 ET (07:00 GMT)

Sound Energy (LSE:SOU)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Sound Energy Charts.
Sound Energy (LSE:SOU)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Sound Energy Charts.