Sound Energy to Partially Divest Moroccan Assets

Monday, June 17, 2024

Sound Energy announced the entry into a binding Sale and Purchase Agreement (SPA) for the partial divestment of the company’s Moroccan assets by way of the disposal of the entire issued share capital of Sound Energy Morocco East Limited (SEME) to Managem SA for a total value to Sound Energy of up to $45.2 million.

Key Highlights

• Pursuant to the SPA, Sound Energy will continue to hold an interest of 20% in the Tendrara Production Concession and 27.5% working interests in each of the Grand Tendrara Exploration Concession and the Anoual Exploration Permit.
• Managem will provide funding for Phase 2 development of the Concession, funding for two exploration wells in satisfying the work programs under the Permits, a contingent production payment and recovery of past expenditures.
• Sale of the entire share capital of SEME with an effective date of 1 January 2022, pursuant to which Managem will acquire the following interests in the Group’s Moroccan assets:

o 55.0% of the Concession (Sound Energy to retain 20% interest)

o  47.5% of the Grand Tendrara Permit (Sound Energy to retain 27.5% interest)

o  47.5% of the Anoual Exploration Permit (Sound Energy to retain 27.5% interest)

The transaction will be subject to all customary approvals and clearances.

For the full release with additional transaction details, see the Sound Energy announcement here.

In other Sound Energy News, Simon Ashby-Rudd, a non-executive director of the company, has informed the Board that he does not intend to put himself forward for re-election as a director of the company at the AGM to be held on June 28. 2024.

Commenting, Graham Lyon, Executive Chairman, said: “Simon has provided invaluable advice and guidance since his appointment to the Board and throughout the process which has led to today’s announcement. I and the rest of the Board thank him for his service to the Company over the last year.”

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