Sound Energy sells part of its gas interests in Morocco

Sound Energy sells part of its gas interests in Morocco
Sound Energy sells part of its gas interests in Morocco

(Ecofin Agency) – The Sound Energy company engaged in the development of the Tendrara gas field in Morocco, obtained a few weeks ago an extension of its Anoual oil and gas exploration license, another of its assets in the country .

The energy company Sound Energy formalized, on Friday June 14, its decision to offload part of the interests it holds in its assets in Morocco, notably Tendrara gas and the Grand Tendrara gas exploration permits and of Anoual, for the benefit of the mining company Managem.

For a total amount valued at $45.2 million, Managem will acquire under a binding sale and purchase agreement (SPA), a 55% interest in Tendrara gas, 47.5% of the permit of Grand Tendrara and 47.5% in the Anoual exploration license.

Furthermore, the terms of the deal provide for Sound Energy to maintain a 20% stake in Tendrara as well as 27.5% direct interests in Grand Tendrara and Anoual. This transaction, which remains subject to regulatory approvals, constitutes the culmination of discussions initiated over two years by Sound Energy with partners.

This deal, which is expected to be finalized by July 12, 2024, makes available “substantial funding to support the development of phase 2” of the Tendrara gas project, among others.

Abdel-Latif Boureima

Read also:

04/30/2024 – Morocco: Sound Energy obtains an 18-month extension of its Anoual oil and gas exploration permit

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