Sound Energy PLC Statement re Moroccan Press Speculation

RNS Number : 9922F

Sound Energy PLC

27 September 2024

 

 

 

27 September 2024

Sound Energy plc

 

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

 

Statement re Moroccan Press Speculation

 

Further to the announcement of 14 June 2024 regarding the entry into a conditional binding Sale and Purchase agreement for the partial divestment by Sound Energy (AIM: SOU), of its Moroccan assets (the "SPA") by way of the disposal by the Company of the entire issued share capital of the Company's wholly owned subsidiary Sound Energy Morocco East Limited to Managem SA (the "Transaction"), the Company notes Moroccan press speculation in relation to Managem having received authorisation by the Moroccan Competition Council to  the transaction.

 

Whilst the Company is pleased to confirm that the Moroccan Competition Council's authorisation satisfies a significant condition precedent of the SPA, the Transaction remains conditional upon the following conditions precedent being satisfied or waived:

 

·    Approvals by ONHYM and the Moroccan Minister of Energy of the Company continuing as the Operator of record of the Tendrara Exploitation Concession, and the Anoual and Grand Tendrara Exploration Permits where required;

 

·    Receipt of the written authorisation of the Foreign Exchange Office (Office des Changes) relating to Managem's payment obligations;

 

·    Confirmation in writing by the Seller to the Buyer that no Material Adverse Change has occurred;

 

·    Approval by Schlumberger in accordance with the terms of Schlumberger's profit-sharing deed in respect of the Concession or Managem negotiating and entering into an agreement with Schlumberger for the cancellation of the profit-sharing deed;

 

·    Extension of the Start Date/Deemed Start Date as defined in the LNG GSA; and

 

·    Delivery of Completion accounts and Assurance Release Conditions.

 

The Company is pleased to announce that whilst it is continuing to work closely with Managem to satisfy the above conditions precedent, the following conditions precedent have been satisfied:

 

·    Approval of ONEE of the change of control of the Company pursuant to the ONEE GSA;

 

·    Approval of Managem's board of directors of the Transaction; 

 

·    Removal of Sound Energy Morocco SARL AU as dormant subsidiary of SEME; and

 

·    Receipt of Moroccan Competition Council's authorisation

 

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

 

 

For further information visit www.soundenergyplc.com follow on twitter @soundenergyplc 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	Tel: [phone]
Simon Johnson
Gneiss Energy Limited - Financial Adviser Jon Fitzpatrick Paul Weidman Doug Rycroft	Tel: [phone]

 

Forward looking statements

 

Certain statements in this announcement are forward-looking statements which are based on the Company's expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts. Generally, the words 'will', 'may', 'should', 'continue', 'believes', 'targets', 'plans', 'expects', 'aims', 'intends', 'anticipates' or similar expressions or negatives thereof identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that would cause actual results or events to differ from current expectations, intentions or projections might include, amongst other things, changes in oil prices, changes in equity markets, failure to establish estimated petroleum reserves, political risks, changes to regulations affecting the Company's activities, delays in obtaining or failure to obtain any required regulatory approval, failure of equipment, uncertainties relating to the availability and costs of financing needed in the future, the uncertainties involved in interpreting drilling results and other geological, geophysical and engineering data, delays in obtaining geological results and other risks associated with exploration, development and production. Given these risks and uncertainties, readers should not place undue reliance on forward-looking statements.

 

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