23 January 2020
Sound Energy plc
("Sound Energy" or the "Company")
Sound Energy, the Moroccan focused upstream gas company, is pleased to announce, further to the Company's announcement of 12 November 2019, the appointment of Mohammed Seghiri as acting Chief Executive and as a director of the Company with immediate effect.
In addition, as announced on 12 November 2019, the Company continues its process to identify and appoint a Chairman and further announcements in respect of the roles of Chairman and Chief Executive, which are currently performed on an acting basis, will be made, as appropriate, in due course.
Previously Sound Energy's Managing Director Morocco, Mr. Seghiri has been with the Company for approximately 3 years and has over 18 years' experience in a range of complex sectors, including gas storage, oil & gas exploration, power production and telecoms. Mr Seghiri joined Sound Energy from Oil & Gas Investment Fund S.A., having previously been CEO of Compagnie d'Electricite du Senegal and a Director of Advisory & Finance Group in Morocco. Mr. Seghiri holds a Masters degree in Engineering from Ecole National Superieure des Mines de Nancy.
In addition to his appointment to the Sound Energy board of directors, Mohammed Seghiri, aged 45, holds or has held the following directorships or partnerships in the past five years.
Previous (last five years)
SoundEnergy Morocco East Limited
SoundEnergy Meridja Limited
SoundEnergy Morocco South Limited
Les Vergers de Targa SARL
Nordic Power AB
Compagnie d'Electricite du Senegal
Advisory & Finance Group SA
Advisory and Finance Asset Management SA
Atlas Wind SA
Cafés Carrion SA
Industrie Cotonniere d'Oued Zem ZA
Al Hourria Telecom SA
Mr. Seghiri is beneficially interested in a total of 322,092 restricted stock units over new ordinary shares in the Company ("RSUs"), of which 126,501 RSUs vest on 1 January 2021 and 195,591 RSUs vest, subject to relevant performance criteria being achieved, on 1 January 2022. In addition, Mr. Seghiri holds 1.5 million options to subscribe for new ordinary shares in the Company at a price of 70 pence per new ordinary share, with a vesting date of 18 January 2020 and an expiry date on 18 January 2022.
As a result of Mr. Seghiri's appointment, and as announced on 12 November 2019, James Parsons will relinquish his executive duties and step down from the Board with immediate effect. To ensure an orderly handover, Mr. Parsons will remain available to the Company, in a consultancy role, until 12 May 2020.
For further information please contact:
Vigo Communications - PR Adviser
Tel: 44 (0)20 7390 0230
Cenkos Securities - Nominated Adviser
Tel: 44 (0)20 7397 8900
RBC - Joint Broker
Tel: 44 (0)20 7653 4000
Macquarie Capital (Europe) Limited - Joint Broker
Tel: 44 (0)20 3031 2000