Natural gas: Managem acquires Sound Energy Morocco East Ltd

Natural gas: Managem acquires Sound Energy Morocco East Ltd
Natural gas: Managem acquires Sound Energy Morocco East Ltd

The energy future of Morocco and more broadly of Africa requires significant structural investments in low-carbon energy sources, first and foremost gas assets.

To help respond to this national challenge, the Managem Group is creating an industrial natural gas division and announces the acquisition of the company Sound Energy Morocco East Limited (SEME) at the end of 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 and 47.5% of the Anoual exploration permit. 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.

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 authorizations

Imad Toumi, Chairman and CEO of Managem Group, explains: “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.

The gas development plan for the Tendrara exploitation project is designed in two phases. The first, currently under construction, aims to produce 100 million cubic meters per year of Liquefied Natural Gas (LNG) from mid-2025 via an on-site gas processing, liquefaction and storage facility, allowing to meet the needs of national manufacturers.

The second phase, currently undergoing a feasibility study, provides for the construction of a processing unit and a pipeline connecting the Maghreb-Europe Gas Pipeline (GME), to supply 280 million cubic meters per year of natural gas in order to contribute to the Kingdom’s gas supply sources.

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.

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