Sound Energy PLC Exploration Collaboration Agreement

RNS Number : 7624J

Sound Energy PLC

28 October 2024

 

28 October 2024

Sound Energy plc

 

("Sound Energy", the "Company" and together with its subsidiary undertakings the "Group")

 

Hydrogen and Helium Exploration Collaboration Agreement

 

Sound Energy, the transition energy company, is pleased to announce entry into an Exploration Collaboration Agreement (the "Agreement") with Getech Group Plc ("Getech"), a global leader in locating essential energy and mineral resources crucial for the energy transition.

 

Pursuant to the Agreement, the parties will collaborate to seek to explore for natural hydrogen and helium in Morocco, with the initial phase of the Agreement comprising a joint regional screening study to identify areas of potential interest for more detailed assessment by the parties.

 

Getech will leverage its proprietary, world-renowned gravity and magnetics database, along with its advanced geoscience platform, Globe™, and machine learning algorithms, to identify prospective regions for geological hydrogen and helium in Morocco and Sound Energy will contribute to the Agreement with specific regional geoscience knowledge and extensive operational expertise, from our long experience and established in-country capabilities as the largest onshore hydrocarbon exploration permit holder in Morocco, to facilitate any future exploration process.

 

Both companies will aim to jointly negotiate exclusive rights for the exploration and exploitation of hydrogen and helium resources in Morocco, progressing towards necessary geophysical and drilling activities to unlock potential deposits. Sound Energy will be responsible for its own costs in respect of activities performed pursuant to the Agreement.

 

John Argent, VP Geoscience at Sound Energy, commented:

"This agreement with Getech, a company with renowned geological expertise in the energy and mining sectors, is a significant first step forward in our strategy to expand our exploration activities into new transition energy resources, starting in Morocco. With our established presence and operational expertise, combined with Getech's innovative geoscience tools, we are well-positioned to lead the way in seeking to unlock Morocco's hydrogen and helium potential."

 

Richard Bennett, CEO at Getech, commented:

"We look forward to collaborating with Sound Energy to unlock the potential of natural hydrogen and helium resources in Morocco. Our advanced geoscience solutions and AI capabilities will play a crucial role in driving cost-effective exploration in this highly promising region."

 

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

For further information visit www.soundenergyplc.com follow on X @soundenergyplc, LinkedIn, or contact:

 

Flagstaff Strategic and Investor Communications Tim Thompson Mark Edwards Alison Allfrey	Tel: [phone] [e-mail]
Sound Energy Graham Lyon, Executive Chairman	[e-mail]
Cavendish Capital Markets - Nominated Adviser Ben Jeynes  Peter Lynch	Tel: [phone]
Zeus - Broker Simon Johnson	Tel: [phone]
Gneiss Energy Limited - Financial Adviser Jon Fitzpatrick Paul Weidman Doug Rycroft	Tel: [phone]

 

Background

Morocco is emerging as a highly prospective market for natural hydrogen exploration, thanks to its favourable geological conditions and strategic location. The country's extensive onshore basins, rich in subsurface resources, are prime candidates for natural hydrogen discoveries. Morocco's commitment to renewable energy and its supportive regulatory framework further enhance its role as a key player in the global energy transition.

 

Natural (sometimes also referred to as "white", "gold" or "native") hydrogen has the potential as a future disruptor in the energy markets, undercutting green and other low-carbon hydrogen energy sources, produced without CO2 emissions, at an estimated cost of around $1 per kilogram. Getech's workflows build on the understanding of genetic factors involved in developing a natural hydrogen system; categorising these into sources, migration paths, reservoirs, traps and seals in much the same way as the petroleum industry has successfully done for many decades.

 

Helium, crucial across sectors such as medical, electronics, aerospace, nuclear and telecommunications, is considered a "critical raw material" by the USA, EU, and Canada due to its irreplaceable nature. Helium and natural hydrogen are often found in the same reservoirs, significantly boosting the economic potential of such discoveries.

 

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