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Sound Energy PLC - Update re Tendrara Gas Sales Agreement MOU

RNS Number : 3174I
Sound Energy PLC
01 April 2020
 

1 April 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, as amended in January 2020, 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 31 March 2020.

 

The Company confirms that GSA negotiations continue and announces that it is in the process of agreeing a further amendment to the MOU with ONEE in order to extend the period for negotiations of the final GSA to 30 June 2020 (the "Amendment").

 

Whilst the Amendment has been agreed in principle, COVID-19 related travel restrictions have meant that it has not yet been possible for the parties to enter into the Amendment and, as a result, 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 

 

Tel: 44 (0)20 7390 0230

Sound Energy

[email protected]

  

Cenkos Securities - Nominated Adviser

Ben Jeynes 

Russell Cook

 

Tel: 44 (0)20 7397 8900

Turner Pope Investments (TPI) Ltd - Broker

Zoe Alexander

Andy Thacker

Tel: (0)20 3657 0050

 

 

 

 

 


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Price: 1.44

Market: AIM
Market Cap: £16.73 m
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