– 55% of the operating concession Tendrara,
– 47.5% of the Grand Tendrara exploration permit,
– 47.5% of the exploration permitAnoual.
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, meeting the needs of national manufacturers.
– Phase 2: currently undergoing a feasibility study, provides for the construction of a treatment unit and a pipeline connecting the Maghreb-Europe Gas Pipeline (GME)to provide 280 million cubic meters per year of natural gas 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 MDH) payable upon completion of the transaction as well as payment of Sound Energy PLC’s share offunding of up to US$24.5 million (approximately 244 MDH) 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.
At the close of the transaction, theThe Tendrara project will be 55% owned by the Managem Group, 20% by Sound Energy Meridja Ltd and 25% by ONHYM.
“Sound Energy Plc selected Managem through an open and competitive process. Sound Energy, which was looking for an investor to finance its development, found in Managem a solid long-term partner capable of developing and carrying out this project for the benefit of all Moroccan industrialists who will thus benefit from clean and cheaper energy for their activities. . Although modest in size, the Tendrara project will contribute positively to the Kingdom’s energy independence and its trade balance. In addition, the Group is actively seeking other gas assets in Africa, thus strengthening its diversification strategy and contributing to the continent’s energy development,” explains Imad Toumi, CEO of the Managem Groupin a press release.
Remember that the gas asset portfolio subject to the transaction extends over an area of approximately 23,000 km² in the eastern province of Morocco. 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.
