Sound Energy PLC Completion of OGIF Acquisition and Issue of Equity (4317Q)

TIDMSOU

RNS Number : 4317Q

Sound Energy PLC

12 September 2017

12 September 2017

Sound Energy plc

("Sound Energy" or the "Company")

Completion of OGIF Acquisition

and Issue of Equity

Sound Energy, the African and European focused upstream gas company, is pleased to announce the completion of the Company's previously announced acquisition by the Company of the interests of Oil & Gas Investment Fund S.A. ("OGIF") in Eastern Morocco (the "Acquisition") following receipt of final approvals in relation to the Anoual and Tendrara licence areas.

As a result, the Company now holds:

-- An operated 75% position, of which 27.5% is shared with Schlumberger resulting in a net 47.5% position for the Company, in the Tendrara petroleum agreement; and

-- An operated 75% position, of which 27.5% is shared with Schlumberger resulting in a net 47.5% position for the Company, in the Anoual petroleum agreement (formely the Meridja reconnaissance area); and

-- An operated 75% position, of which 27.5% is shared with Schlumberger resulting in a net 47.5% position for the Company, in the Mararka reconnaissance exploration licence (covering the previously relinquished Tendrara acreage).

In consideration, the Company will now issue 272,000,000 new ordinary shares to OGIF (the "Consideration Shares"). The issue of the Consideration Shares, which represent 27.0% of the Company's issued ordinary share capital, as enlarged by the issue of the Consideration Shares, was approved by Sound Energy shareholders on 15 March 2017.

Application will be made to the London Stock Exchange plc for the Consideration Shares, which rank pari passu with the Company's existing ordinary shares, to be admitted to trading on AIM ("Admission"). Dealings are expected to commence at 8.00 a.m. on 18 September 2017. Following the issue of the Consideration Shares the Company will have 1,007,429,393 ordinary shares in issue.

From Admission, the relationship agreement between the Company and OGIF (the "Relationship Agreement"), will take effect. Further details of the Relationship Agreement are provided in the circular posted to Sound Energy shareholders on 21 February 2017 (and available on the Company's website at www.soundenergyplc.com).

This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

For further information please contact:

 
 Vigo Communications - PR                      Tel: [phone] 
  Advisor                                                     9700 
  Patrick d'Ancona 
  Chris McMahon 
  Alexandra Roper 
 Sound Energy 
  James Parsons, Chief Executive      [e-mail] 
  Officer                            [e-mail] 
  JJ Traynor, Chief Financial 
  Officer 
 Smith & Williamson - Nominated                Tel: [phone] 
  Adviser                                                     4000 
  Azhic Basirov 
  David Jones 
  Ben Jeynes 
 RBC - Broker                                  Tel: [phone] 
  Matthew Coakes                                              4000 
  Martin Copeland 
  Laura White 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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September 12, 2017 02:00 ET (06:00 GMT)