Sound Energy PLC First Payment for Disposal of Badile Land (4014R)

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RNS Number : 4014R

Sound Energy PLC

08 March 2021

8 March 2021

Sound Energy plc

("Sound Energy" or the "Company")

First Payment for Disposal of Badile Land

Sound Energy, the Moroccan focused upstream gas company, announced on 6 August 2020 that its Italian former subsidiary, Apennine Energy SPA ("Apennine"), had entered into a Pre-Sale Agreement with a buyer pursuant to which Apennine had agreed to sell the area of land upon which the Badile exploration well was drilled in 2017 (the "Badile Land").

Under the terms of the Pre-Sale Agreement, it was agreed that the sale of the Badile Land would proceed in two independent stages, being an initial sale of "Area 1", on which no restoration works were required to be undertaken and the subsequent sale of "Area 2", which remains subject to the requirement for restoration works to be carried out and certified as complete. The restoration works on Area 2 are pending a decision of the Italian local authorities as to the proposed scope of the restorative actions.

Apennine has now concluded the sale of Area 1 of the Badile land and Sound Energy has received sales proceeds of EUR 182,535.20 net of administrative, agency and legal fees. It is anticipated that conclusion of the sale of Area 2 (for a consideration of EUR 350,000) will conclude later this year.

For further information please contact:

 
 Vigo Communications - PR Adviser               Tel: [phone] 
  Patrick d'Ancona 
  Chris McMahon 
 Sound Energy                              Chairman @soundenergyplc.com 
  Graham Lyon, Executive Chairman 
                                                Tel: [phone] 
   Cenkos Securities - Nominated Adviser 
   Ben Jeynes 
   Russell Cook 
 SP Angel Corporate Finance LLP 
  Richard Hail                                 Tel: [phone] 
 

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March 08, 2021 02:00 ET (07:00 GMT)