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During a recent interview given to the platform Flagstaff, Graham Lyonthe managing director of Sound Energy revealed the details of the recent deal with the group Managem as well as its strategic importance for the future of the British company.
As a reminder, the takeover of Sound Energy Morocco East by Managem, initiated in June 2024, was completed on Wednesday December 11 after the completion of a set of procedures, in particular the authorization of the Competition Council from Morocco.
Its finalization required a large mobilization all day last Tuesday, which involved at least five different countries and leeway in banking hours to ensure that the deal was completed efficiently.
In cash, this deal could reach $45.2 millionof which a first tranche of $13.02 million has already been received. It will, on the one hand, allow Sound Energy to pay off all of its initial investments and considerably strengthen its financial health and on the other hand, allow Morocco to quickly develop one of its recently discovered main gas resources. .
The first phase of the project, which will allow an annual production of approximately 100 million m3 in the Tendrara field, is scheduled for June 2025, subject to the finalization of the construction and commissioning of a liquefaction unit of gas.
Managem, via its new gas subsidiary, should not only accelerate the first phase, but also launch a detailed cost study for the second phase, which will include the construction of new wells and the connection via pipelines to the Maghreb-Europe gas pipeline, taking into account the sales agreements with Afriquia Gaz and ONEE, as well as financial obligations to Attijariwafa Bank.
In 2025, Managem is expected to drill two exploration wells: SPK1 on Grand Tendrara and M5 on Anoual. The availability of a single drilling rig requires rigorous planning to meet the deadlines to begin the second phase of development in 2026.
For its part, Sound Energy’s priority will be the repayment of a partially unused bridging loan and the settlement of unpaid supplier debts.
Benefiting from a strengthened financial situation, the company will restart exploration activities in Sidi Mokhtar next year. A seismic campaign and data rereading are planned to target the most promising areas. At the same time, the company will study new value-added growth opportunities including natural hydrogen and helium.
With an area of 4,711 km², Sound Energy holds an exploration license close to the current production of the field. mescal.
Since 1987, l’ONHYM continues to exploit gas and condensate resources in this field with an annual production of approximately 30 million m3, transported via pipelines to l’OCP by Youssoufia.
Remember that in October 2024, Sound Energy and Getech signed a partnership agreement to explore the potential of natural hydrogen and helium in Morocco. John Argent, vice-president in charge of geosciences at Sound Energy, stressed that several opportunities for exploiting natural hydrogen would be developed, notably at the Sidi Mokhtar site where traces of helium have already been detected during previous drilling. suggesting significant potential in natural gases, hydrogen and helium, to be deciphered.
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