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SOU Sound Energy Plc

0.80
-0.05 (-5.88%)
03 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Sound Energy Plc LSE:SOU London Ordinary Share GB00B90XFF12 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.05 -5.88% 0.80 0.702 0.898 0.86 0.86 0.86 1,809,282 16:35:22
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Crude Petroleum & Natural Gs 0 4.97M 0.0026 3.31 16.48M

Sound Energy PLC Greater Tendrara Petroleum Agreement (1111E)

16/10/2018 7:00am

UK Regulatory


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RNS Number : 1111E

Sound Energy PLC

16 October 2018

16 October 2018

Sound Energy plc

("Sound Energy" or the "Company")

Eastern Morocco : Greater Tendrara Petroleum Agreement

Sound Energy, the Moroccan focused upstream gas company, is pleased to announce the receipt of Moroccan ministerial approval of the new 8 year Greater Tendrara Petroleum Agreement.

James Parsons, Sound Energy's CEO, commented:

"I am delighted to announce receipt of approval from the Moroccan Energy and Finance Ministries for the Greater Tendrara petroleum agreement and that, as a result, the Greater Tendrara petroleum agreement has now become effective - securing Sound Energy's rights to this potentially transformational acreage up to 2026.

We look forward to commencement of our exploration drilling programme in the near future."

Greater Tendrara Petroleum Agreement

As announced by Sound Energy on 31 August 2018, the Company and its partners, including Schlumberger, had at that time signed a petroleum agreement covering the Tendrara and Matarka areas (the "Greater Tendrara Petroleum Agreement"). The Greater Tendrara Petroleum Agreement, details of which are provided below, was signed by L'Office National des Hydrocarbures et des Mines ("ONHYM"), the Moroccan State regulator for petroleum operations and, with approval of the Moroccan Energy and Finance Ministries now received, has come into force.

The Greater Tendrara Petroleum Agreement is in addition to the existing Anoual petroleum agreement and the recently awarded production concession relating to the Tendrara gas discovery.

The new Greater Tendrara Petroleum Agreement covers an area of approximately 14,500km2 extending across eastern Morocco and surrounding the 133.5km2 development concession area relating to the Tendrara gas discovery. The new Greater Tendrara Petroleum Agreement unites the areas covered by the Tendrara petroleum agreement granted in April 2013 and the Matarka reconnaissance licence granted in July 2017.

Sound Energy now holds an operated 47.5% operated position in the Greater Tendrara Petroleum Agreement. The remaining 52.5% will be respectively held by Schlumberger (27.5%) and ONHYM (25%).

The Greater Tendrara Petroleum Agreement has a duration of 8 years from award and is divided into 3 phases, with each phase having pre-agreed work commitments. The work commitments under the Greater Tendrara Petroleum Agreement are as follows:

-- Initial period of 4 years: 2 exploration wells with the minimum Triassic objective. The approaching TE-9 and TE-10 wells will fulfil this commitment.

-- Optional first complementary period of 2 years: 1 exploration well with the minimum Triassic objective.

-- Optional second complementary period of 2 years: 1 exploration well with the minimum Triassic objective.

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

For further information please contact:

 
 Vigo Communications - PR Adviser          Tel: +44 (0)20 7390 0230 
  Patrick d'Ancona 
  Chris McMahon 
  Kate Rogucheva 
 Sound Energy                               j.parsons@soundenergyplc.com 
  James Parsons, Chief Executive Officer     jj.traynor@soundenergyplc.com 
  JJ Traynor, Chief Financial Officer 
 Smith & Williamson - Nominated Adviser    Tel: +44 (0)20 7131 4000 
  Azhic Basirov 
  David Jones 
  Ben Jeynes 
 RBC Capital Markets - Joint Broker        Tel: +44 (0)20 7653 4000 
  Matthew Coakes 
  Martin Copeland 
 Macquarie Capital (Europe) Limited        Tel: +44 (0)20 3031 2000 
  - Joint Broker 
  Alex Reynolds 
  Nick Stamp 
 

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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(END) Dow Jones Newswires

October 16, 2018 02:00 ET (06:00 GMT)

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