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Sound Energy PLC - Update re Tendrara Gas Sales Agreement MOU

RNS Number : 4662Y
Sound Energy PLC
02 January 2020
 

2 January 2020

 

Sound Energy plc

("Sound Energy" or the "Company")

 

Update re Tendrara Gas Sales Agreement MOU

 

The Company announced on 30 October 2019 that it had, in relation to ongoing negotiations in respect of a Gas Sales Agreement for the sale of natural gas production in the Tendrara  concession in Eastern Morocco (the "GSA"), entered into a  binding memorandum of understanding (the "MOU") with Morocco's Office National de l'Electricité et de l'Eau Potable ("ONEE"), the state power company of Morocco, on behalf of its partners, including Morocco's L'office National des Hydrocarbures et des Mines.

 

Under the MOU the parties have agreed to use their reasonable endeavours to continue negotiations with a view to entering into a binding GSA, incorporating the key terms of the MOU announced on 30 October 2019 and construed under Moroccan law, prior to the end of calendar year 2019.

 

The Company confirms that GSA negotiations continue and announces that it is in the process of agreeing an amendment to the MOU with ONEE  in order to extend the period for negotiations of the final GSA to 31 March 2020 (the "Amendment"). Following an agreement in principle, the parties intend to enter into the Amendment as soon as is practicable.

 

Further announcements will be made, as appropriate, in due course.

 

For further information please contact:

 

Vigo Communications - PR Adviser

Patrick d'Ancona

Chris McMahon

Simon Woods

 

Tel: 44 (0)20 7390 0230

Sound Energy

 

[email protected]

 

Cenkos Securities - Nominated Adviser

Azhic Basirov

Ben Jeynes

Tel: 44 (0)20 7397 8900

 

RBC - Joint Broker

Matthew Coakes

Martin Copeland

 

Tel: 44 (0)20 7653 4000

Macquarie Capital (Europe) Limited - Joint Broker

Alex Reynolds

 

Tel: 44 (0)20 3031 2000

 

 

 

 

 


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Price: 1.498

Market: AIM
Market Cap: £17.4 m
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