Sound Energy Share Discussion Threads

[telbap] 15/6/2024 09:22

@steelwatch.....thoughts here? As usual with sou. A complex set of payments, I am really not sure if it's a good thing or not. I expect a deal is better than no deal.It a shame as the proposal for Calvalley was oodles better, but I guess was never to be. I just hope this mob are not going to play the same waiting game to run sou. Out of cash. Getting to be a cynic in my old age ;)

[halfpenny] 15/6/2024 07:58

Transformative RNS delivered after market closed Friday. 45 million and 20 percent holding continues revenue gains.

Fantastic Partnership with a great potential and Future

Sound Energy two new exciting exploration drills, substantial funding for the phase 2 development and past costs. There is also a production bonus once Phase two gas is delivered".

Next week Valuation Increases with a great Deal and more to come.

Success increases every day as further Deals and Success expected.

[halfpenny] 15/6/2024 07:50

Breaking news.
SUCCESS DELIVERED. 45.2 million...

Sound Energy (AIM: SOU), the transition energy company, is pleased to announce the entry into a binding Sale and Purchase agreement for the partial divestment of the Company's Moroccan assets (the "SPA") by way of the disposal by the Company of the entire issued share capital of Sound Energy Morocco East Limited ("SEME") to Managem SA ("Managem") for a total value to Sound Energy of up to US$45.2 million.

Future Brighter every day.

[steelwatch] 14/6/2024 20:16

Managem's current operations all mining, so wondering who the operator will be. Usually the majority partner, but not unknown for minority partners to be at the helm:

[telbap] 14/6/2024 18:50

0.5p to hit the SB stops then 2p by close. 5p over the longer term.

[steelwatch] 14/6/2024 18:10

Fair old chunk given up, but beggars can't be choosers. Calvalley didn't come through, though not surprised after so long. Wonder what impact there will be Monday?

[mirabeau] 14/6/2024 17:32

Moroccan Assets: Binding agreement for the sale of share capital of Sound Energy Morocco East Limited



Board Change



Sound Energy (AIM: SOU), the transition energy company, is pleased to announce the entry into a binding Sale and Purchase agreement for the partial divestment of the Company's Moroccan assets (the "SPA") by way of the disposal by the Company of the entire issued share capital of Sound Energy Morocco East Limited ("SEME") to Managem SA ("Managem") for a total value to Sound Energy of up to US$45.2 million.



Key Highlights

· Pursuant to the SPA, Sound Energy will continue to hold an interest of 20% in the Tendrara Production Concession (the "Concession"), and 27.5% working interests in each of the Grand Tendrara Exploration Concession (the "Grand Tendrara Permit") and the Anoual Exploration Permit (the "Anoual Permit" and together with the Grand Tendrara Permit, the "Permits").



· Managem will provide funding for Phase 2 development of the Concession, funding for two exploration wells in satisfying the work programmes 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)



· SPA consideration payable to and on behalf of the Group includes:



o US$12.0 million in Concession Phase 1 development back costs through to July 2024 net to a 55% interest in the Concession and payable to the Group in cash on completion.

o US$1.0 million in back costs in respect of Concession Phase 2 development and Permits back costs payable to the Company in cash on completion.

o Up to US$24.5 million net carry through Managem funding of the Group's remaining 20% interest in future Concession Phase 2 development.

o Contingent consideration of US$1.5 million payable to the Group no later than one year after first gas from Concession Phase 2 development.

o US$3.6 million net carry through funding the Group's remaining 27.5% Grand Tendrara Permit interest in drilling exploration well SBK-1.

o US$2.6 million net carry through funding the Group's remaining 27.5% Anoual Permit interest in drilling exploration well M5.



Background to and further details of the Farm-Out



The Company announced on 9 August 2022 that it had initiated a formal farm-out process to identify a partner for the Concession and the surrounding Permits. With the Company holding its assets in Morocco through various subsidiaries, the SPA, which remains conditional upon certain conditions precedent, will see the Company dispose of the entire share capital of SEME (the "Sale Shares"), a UK company holding the Operating licence position and equity in Morocco as below, for a sum of US$1:



o 55.0% of the Concession

o 47.5% of the Grand Tendrara Permit

o 47.5% of the Anoual Permit



Under the SPA, the Company has provided customary warranties and undertakings to Managem and, whilst the terms of the SPA are binding on the parties, the SPA remains conditional upon, inter alia:



· Approvals by ONHYM and the Moroccan Minister of Energy of the Company continuing as the Operator of record of the Concession and the Permits notwithstanding the sale of the Sale Shares at completion;



· Antitrust clearances being received;



· Receipt of the written authorisation of the Foreign Exchange Office (Office des Changes) relating to Managem's payment obligations;



· Confirmation in writing by the Seller to the Buyer that no Material Adverse Change has occurred;



· Approval of ONEE of the change of control of the Company pursuant to the ONEE GSA;



· Removal of Sound Energy Morocco SARL AU as dormant subsidiary of SEME;



· Approval by Schlumberger in accordance with the terms of Schlumberger's profit-sharing deed in respect of the Concession or Managem negotiating and entering into an agreement with Schlumberger for the cancellation of the profit-sharing deed;



· Extension of the Start Date/Deemed Start Date as defined in the LNG GSA;



· Delivery of Completion accounts and Assurance Release Conditions; and



· The approval of Managem's board of directors by 12 July 2024.





In the year to 31 December 2023, SEME recorded a Profit before tax of £1,301,000 on no revenues and, at 31 December 2023, had total assets of £56,976,000.



Commenting, Graham Lyon (Executive Chairman of Sound Energy) said:



"We are very pleased to have entered into this binding Share sale to an excellent counterparty Managem SA. The share sale transaction of our UK company subsidiary, the Permits Owner, is structured to allow a smooth transition to Managem whilst bringing Sound Energy two new exciting exploration drills, substantial funding for the phase 2 development and past costs. There is also a production bonus once Phase two gas is delivered".



About Managem



Managem is an international mining group with resolutely African roots, with a presence in 7 countries across the continent. Initially present in metals such as cobalt, copper and zinc, it has since diversified into precious metals, with silver and gold. Today, Managem employs 5,009 people of 22 nationalities in 13 mining operations and 22 industrial units, all on the African continent.



Board Change



Following the signature by the Company of the binding SPA between Sound and Managem 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 Company's AGM to be held on 28 June 2024 ("AGM"). As a result, and with the transaction announced today providing the financial and operational security for the next stage of Sound Energy's development, Simon Ashby-Rudd will step down as a director of the Company at the Company's AGM to pursue other interests.



Commenting, Graham Lyon (Executive Chairman of Sound Energy) 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."

[bronislav] 14/6/2024 17:10

The funding will have completed by then.

[telbap] 13/6/2024 16:50

Why did they cancel? I am not sure I believe the nonsense about a shareholder filing their proxy incorrectly. Truth will no doubt out.

[napoleon 14th] 13/6/2024 14:32

No comment!

Edit, 16.24

SOUND ENERGY PLC will be holding a 2024 AGM meeting on 28th Jun 2024 at 1:00pm BST.

Please click on the button below to accept the meeting invitation.

Accept
Should you have any questions, please contact [e-mail].

Kind Regards,

The Team at Investor Meet Company

[halfpenny] 13/6/2024 12:35

On the call, he was stating the situation and was very enthusiastic and positive. So expect something up his sleeve for the AGM.
He also stated The new date will be confirmed by RNS later today.

Be Patient. Happy Days Ahead...

[2figaro] 13/6/2024 12:24

What do you mean the chairman sounded enthusiastic,where did you hear this ?

[halfpenny] 13/6/2024 12:17

More time due to minor admin issue. Now additional time allocated before fantastic news flow.

RNS with new time later today. The Chairman sounded extremely enthusiastic so expect great news to be released. What does he and the board know!! Interesting times ahead so Be Patient !

Brighter future but as Breaking news was already prepared expect great news to be Leaked..before new AGM date.

Happy Days Ahead...

[steelwatch] 13/6/2024 12:06

Ha! Meeting opened and immediately adjourned in accordance with today's NOA, so no presentation. Reconvening sometime later in the month.

[steelwatch] 13/6/2024 11:57

Last minute reminder: Investor Meet SOU presentation in 3 minutes.



There will be a recording available soon after if you miss it.

[halfpenny] 13/6/2024 06:05

There has been enough time to sort out stuff and decide on a positive direction going forward.

Added more at these levels before a rush.
AGM at 1pm

Happy Days Ahead as news released.

[2figaro] 12/6/2024 16:27

You’re optimistic hope you're right mmmm....

[halfpenny] 12/6/2024 16:01

RNS expected with news of Deal and or Fund Raising.
Video release will be great news.
Looks like we may get a rapid rise above recent highs.

Happy Dats with Higher Highs...

[telbap] 11/6/2024 16:10

Oh well a brief visit to 1p and now back down to earth.

[halfpenny] 11/6/2024 09:09

AGM Thursday with a nice update on Deal to surprise the market.

Happy Days Ahead get ready..

[halfpenny] 10/6/2024 07:02

Great week ahead
Breaking news on the way as we approach H2

New Deals in the pipeline.

Happy Days Ahead

[telbap] 07/6/2024 13:00

lol spoke too soon, massive slap down this pm. Looks like an organised short, lots of rounds figure selling going through.

[halfpenny] 07/6/2024 09:34

RNS any time soon so get ready as Fireworks set off with plenty of bubble.

Happy Days Ahead as Deal Agreed in full.

[halfpenny] 05/6/2024 06:23

Remember AGM next week so expect Breaking News any day soon..

Happy Days Ahead...