Sound Energy PLC Directorate Change and Update re Tendrara GSA MOU (6158R)

TIDMSOU

RNS Number : 6158R

Sound Energy PLC

01 July 2020

1 July 2020

Sound Energy plc

("Sound Energy" or the "Company")

Appointment of Independent Non-Executive Director

Update re Tendrara Gas Sales Agreement MOU

Sound Energy, the Moroccan focused upstream gas company, is pleased to announce the appointment of David Blewden as Independent Non-Executive Director of the Company with effect from 1 July 2020.

David has assumed the role of chair of the Company's Audit Committee and has also been appointed to the Sound Energy Remuneration & Nominations Committee.

David Blewden is currently the CFO of Sunny Hill Energy Ltd (formerly Petroceltic International), a UK private E&P company, and has been in that position since October 2016. He is also currently a Non-Executive Director of Gulf Marine Services plc (LSE:GMS), and from 2015 to January 2020 was a Non-Executive Director of New Age (African Global Energy) Limited, a private E&P company. From 2010 to 2016, David was the CFO of Sterling Resources Ltd, a TSX-V listed Canadian E&P company and prior to that he held CFO positions at several start-up and private E&P companies, and worked at Yukos Oil Company from 2002 to 2006 where he was Head of Corporate Finance. Prior to Yukos he worked at several investment banks, including UBS and Citigroup, and started his career as a Petroleum Engineer at Shell.

In addition to his appointment to the Sound Energy Board, David Michael Blewden, aged 60, holds or has held the following directorships or partnerships in the past five years.

 
 Current                          Previous (last 5 years) 
 Gulf Marine Services plc         New Age (African Global Energy) 
                                   Limited 
                                 -------------------------------- 
 Philipshill Consulting Limited   Midia Resources SRL 
                                 -------------------------------- 
 

Tendrara Pipeline Development - Gas Sales Agreement MOU

The Company announced on 1 April 2020 that it had, in principle, agreed a further amendment to the gas sales agreement ("GSA") memorandum of understanding ("MOU") with Morocco's Office National de l'Electricité et de l'Eau Potable ("ONEE") in order to extend the period for negotiations of a final GSA in relation to the pipeline led phase 2 development of the Tendrara Production Concession to 30 June 2020 (the "Amendment") but that, as at the date of that announcement and due to COVID-19 related travel restrictions, it had not been possible for the parties to enter into the Amendment.

Due to continuing COVID-19 restrictions, the parties have not been able to execute the Amendment. However, and notwithstanding the period for negotiations set out in the MOU having expired, the Company confirms that GSA negotiations between the parties have continued, and continue, in good faith throughout this period of disruption.

Graham Lyon, Sound Energy Chairman, commented:

"We are delighted to welcome David to Sound Energy. His extensive industry, financial and public markets experience will add significant value to the Board of Directors. I, and the rest of the Sound Energy Board, very much look forward to working with David whilst continuing to take the Company forward. I am also encouraged by ONEE's ongoing cooperation in seeking to conclude matters notwithstanding the difficulties presented by COVID-19."

For further information please contact:

 
 Vigo Communications - PR Adviser                       Tel: [phone] 
  Patrick d'Ancona                                                    0230 
  Chris McMahon 
 Sound Energy                                 [e-mail] 
  Graham Lyon, Executive Chairman 
                                                        Tel: [phone] 
   Cenkos Securities - Nominated Adviser                              8900 
   Ben Jeynes 
   Russell Cook 
 Turner Pope Investments (TPI) Ltd - Broker           Tel: [phone] 
  Zoe Alexander 
  Andy Thacker 
 

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July 01, 2020 02:00 ET (06:00 GMT)