The Managem Group is creating an industrial natural gas division and announces the acquisition of the company Sound Energy Morocco East Limited (SEME) following an open process in competition with international investors.
This agreement concerns the acquisition of:
• 55% of the Tendrara exploitation concession, 47.5% of the Grand Tendrara exploration permit,
• 47.5% of the Anoual exploration permit.
Imad Toumi, Chairman and CEO of the Managem Group, explains: )
The gas development plan for the Tendrara exploitation project is designed in two phases:
Phase 1: under construction, with a view to producing 100 million cubic meters per year of Liquefied Natural Gas (LNG) from mid-2025 via an on-site gas processing, liquefaction and storage facility , making it possible to meet the needs of national manufacturers.
Phase 2: currently undergoing a feasibility study, provides for the construction of a processing unit and a pipeline connecting the Maghreb-Europe Gasoduct (GME), to provide 280 million cubic meters per year of natural gas in order to contribute to the Kingdom’s gas supply sources.
The terms of the agreement provide for an amount of approximately 12 million US dollars (approximately 119 million dirhams) payable upon completion of the transaction as well as the assumption of Sound Energy PLC’s share of financing of up to ‘to 24.5 million US dollars (approximately 244 million dirhams) during the implementation of phase 2 of the project.
The global agreement is subject to the fulfillment of certain conditions precedent, including obtaining regulatory approvals.
With this agreement, the Managem Group extends its activities to the upstream exploitation of natural gas in Morocco and confirms its ambition to become a regional player in the promotion and development of natural resources with a low carbon footprint,
Located in the eastern province of Morocco, the gas asset portfolio subject to the transaction covers an area of approximately 23,000 km². The Tendrara concession includes an operating license of 133.5 km² granted for a period of 25 years from 2018, with resources estimated at 10.67 billion cubic meters of natural gas.
Upon closing of the transaction, the Tendrara project will be 55% owned by the Managem Group, 20% by Sound Energy Meridja Ltd and 25% by ONHYM.
