Sound Energy Share Price (SOU)

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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 Shares Traded Last Trade
  0.00 0.0% 1.40 1,641,669 08:00:15
Bid Price Offer Price High Price Low Price Open Price
1.30 1.50 1.40 1.38 1.40
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers -11.75 -0.66 19
Last Trade Time Trade Type Trade Size Trade Price Currency
16:10:08 O 202 1.305 GBX
Related Shares
Bp (BP.), Royal Dutch Shell (RDSA), Spitfire Oil (SRO), Nautilus Marine Services (NAUT)

Sound Energy (SOU) Latest News

Sound Energy News

Date Time Source Headline
15/2/202108:46ALNCSound Energy Moves Shares To New Trading Platform In London
15/2/202107:00UKREGSound Energy PLC Move to SETSqx Trading Platform
27/1/202116:41UKREGSound Energy PLC Second Price Monitoring Extn
27/1/202116:35UKREGSound Energy PLC Price Monitoring Extension
22/1/202107:00UKREGSound Energy PLC Change of Adviser
29/12/202016:37UKREGSound Energy PLC Price Monitoring Extension
23/12/202016:36UKREGSound Energy PLC Price Monitoring Extension
23/12/202009:17ALNCSound Energy Shares Rise 15% On Exclusivity Agreements For TE-5 Horst
23/12/202007:00UKREGSound Energy PLC Tendrara: Phase 1 Development Update
18/12/202016:40UKREGSound Energy PLC Second Price Monitoring Extn
More Sound Energy News
Sound Energy Investors    Sound Energy Takeover Rumours

Sound Energy (SOU) Discussions and Chat

Sound Energy Forums and Chat

Date Time Title Posts
15/2/202109:26James Parsons615
12/2/202116:26I BOUGHT SOUND ENERGY TODAY SO UNDERVALUED30
26/1/202115:57SOUND ENERGY PLC ►►►Focussed on the Mediterranean Area15,527
03/9/202009:00Badile drilling issues?49
23/6/201914:39James Parsons 97

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DateSubject
07/3/2021
08:20		Sound Energy Daily Update: Sound Energy Plc is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker SOU. The last closing price for Sound Energy was 1.40p.
Sound Energy Plc has a 4 week average price of 1.24p and a 12 week average price of 1.15p.
The 1 year high share price is 4.60p while the 1 year low share price is currently 0.80p.
There are currently 1,326,244,389 shares in issue and the average daily traded volume is 1,683,314 shares. The market capitalisation of Sound Energy Plc is £18,567,421.45.
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26/1/2021
10:20		steelwatch: Domestic demand in Morocco sets stage for micro LNG Appealing fiscal terms and a desire to tackle emissions has made Morocco an attractive destination for investment. by Ed Reed 25/01/2021, 7:38 pm Appealing fiscal terms and a desire to tackle emissions has made Morocco an attractive destination for investment. The country is under explored and typically under the radar for most investors. Sound Energy, though, has found gas and is working to tie this up to the latent domestic demand. “There’s strong commercial demand in country for natural gas,” Sound’s COO Mohammed Seghiri said. The local market relies on higher polluting fuels such as petroleum coke. “The state has a clear long-term policy to move away from those resources. Switching to gas is much less polluting,” Seghiri continued. If that gas is domestically produced, all the better for the country. Gas, alongside investment in renewables, is the “only way” for Morocco to reduce a large part of its power that comes from coal. “The first step is to get rid of coal in new power generation units.” Sound has discovered 650 billion cubic feet (18.4 billion cubic metres) of gas at TE-5 Horst, in eastern Morocco. Initially, the company had planned to focus on a 120-km pipeline link to the transnational Gazoduc Maghreb Europe (GME) pipeline . Subsequently, though, it has expanded into a micro LNG (mLNG) plan, which would involve gas being trucked to consumers, such as factories. “It’s a virtual pipeline,” said Seghiri, “but we’re still keen to connect to the GME. Micro LNG is becoming more and more common. It’s happening in South America and Canada.” Those receiving the gas are familiar with LPG deliveries through a similar technique. “It’s just a new form of buying fuel at a cheaper price,” Sound Energy’s executive chairman Graham Lyon said. The chairman noted he had been involved in another mLNG project in Kazakhstan. The mLNG concept is straightforward. Installing a pipeline to move the gas 800-900 km to market would be an expensive proposition that would be hard to justify for such small volumes. Devolved distribution Delivery of LNG-by-truck will be straightforward, Lyon said. “We’re not in the downstream business. Our midstream partner will take the gas from us and deliver it on a truck that comes equipped with regasification capability. It’s standard technology.” Partnering in this way allows Sound to continue its upstream focus. “We don’t want to have a drag in distribution. This is a first field that we’re unlocking and there are other fields in the basin. There’s huge exploration upside that we want to focus on, rather than seeking market share in the downstream,” Seghiri said. Challenges thrown up by 2020 have had an impact on the company’s plans. “Contracts go a lot faster when you’re in the same room as your counterparty. Travel problems have added around 25% to the time for these discussions,” Lyon said. Sound finished last year on a “mini high”, he continued. The company has lined up Italfluid Geoenergy to build the mLNG plant. The two sides agreed to try and reach a final contract by March 31. Sound will rent the facilities from Italfluid, assuming a final investment decision (FID) is reached on the first phase development. “We’ve got a good line of sight on the FID to get mLNG going. There’s a couple more contracts to flesh out but we intend to take FID in 2021. That will see Sound transition from pure exploration to development and then into production,” Lyon said. https://www.energyvoice.com/oilandgas/africa/ep-africa/293746/sound-energy-morocco-gas/
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11/1/2021
19:03		manics: mikemichael2: it's too late for consideration as to the importance of your understanding, or indeed your own stated lack of.If you'd applied due gravitas to my teachings you'd of been out and away here at 65p, a miraculous price constrasted to the share price today.Instead you had to scoff, to laugh, and excitedly upvote the morons. Morons who now haven't posted for months and years as they regress to tragically mourn net worth that once was.That you are still active suggests your own SOU holding is only small part of a broader, well managed portfolio.I hope that to be the case with other holdings more than countering the SOU paper position.I still think about my conduct here often. A gauntlet was thrown and I picked it up, to emerge in radiant triumphant glory.
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06/12/2020
16:05		brookemia: Bav3👏㈳9; Posts: 585 Price: 1.32 No Opinion RE: SAGToday 14:12 Trellis, What I would say is just ignore Soundreason , (most probably)a reincarnation of an insider of Sound who previously was on a different name. I am thankful to raise our concerns on behalf of 423 plus SAG members/ more than 10% of share holders here, to the BOD and to the FCA and other authorities about the possible malpractice was and is going on in SOUND energy. Also, why Soundreason is still in SAG, I wonder. I can only think of one reason, which is to lead potential confidential information here. If that is the case, I suggest to Trellis to remove him/her from SAG and stop sending SAG related investigative/facts and any communication to Soundreason. Trellis, Thank you again for your hard work and time, where as not many people who come forward to do such time and money consuming work especially being a voice on behalf of 423 people who are more than 10% share holders of Sound Energy. If anybody knows Bav3 please ask him to PM me Cheers😇
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06/12/2020
14:49		brookemia: Bav3👏㈳9; Posts: 585 Price: 1.32 No Opinion RE: SAGToday 14:12 Trellis, What I would say is just ignore Soundreason , (most probably)a reincarnation of an insider of Sound who previously was on a different name. I am thankful to raise our concerns on behalf of 423 plus SAG members/ more than 10% of share holders here, to the BOD and to the FCA and other authorities about the possible malpractice was and is going on in SOUND energy. Also, why Soundreason is still in SAG, I wonder. I can only think of one reason, which is to lead potential confidential information here. If that is the case, I suggest to Trellis to remove him/her from SAG and stop sending SAG related investigative/facts and any communication to Soundreason. Trellis, Thank you again for your hard work and time, where as not many people who come forward to do such time and money consuming work especially being a voice on behalf of 423 people who are more than 10% share holders of Sound Energy.
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04/7/2020
18:00		noirua: Sound Energy PLC SOU Https://www.soundenergyplc.com/ Investor Presentation: Https://www.soundenergyplc.com/media/1642/se-ip-q2-2020-v1.pdf Directors: Https://www.soundenergyplc.com/about-us/the-team/ Asset Overview: Https://www.soundenergyplc.com/our-portfolio/asset-overview/morocco/ Tendrara - Https://www.soundenergyplc.com/our-portfolio/webcam-site-operations/tendrara-vr/ Tendrara seismic: Https://www.soundenergyplc.com/our-portfolio/seismic-programme-summary/ Sound Energy PLC - Twitter - https://twitter.com/search?q=sound%20energy%20plc&src=typed_query https://twitter.com/soundenergyplc 13 May 2020 - Reform Team https://vimeo.com/418060414 https://twitter.com/soundenergyplc/status/1260597912498774017 26 May 2020 - Graham Lyon Executive Chairman, Sound Energy PLC., talks to Doc - Https://total-market-solutions.com/2020/05/26/sound-energy-plc/ 37 minutes long. 29 June 2020 - Shares leapt in Sound Energy PLC on Monday as it entered exclusivity discussions with a Moroccan conglomerate for the sale of liquefied natural gas from Sound's TE-5 Horst gas development in the Tendrara concession, onshore Morocco. Https://tools.morningstar.co.uk/uk/stockreport/default.aspx?tab=3&vw=story&SecurityToken=0P00007Z3D%5D3%5D0%5DE0WWE%24%24ALL&Id=0P00007Z3D&ClientFund=0&CurrencyId=BAS&story=AN_1593425370993820900 1 July 2020 - Sound Energy Says Tendara Talks Continuing; Adds New Director Https://www.morningstar.co.uk/uk/news/AN_1593600682569319300/sound-energy-says-tendara-talks-continuing%3B-adds-new-director.aspx Https://tools.morningstar.co.uk/uk/stockreport/default.aspx?Site=uk&id=0P00007Z3D&LanguageId=en-GB&SecurityToken=0P00007Z3D]3]0]E0WWE$$ALL ------ Marco Fumagalli - Https://www.marketscreener.com/business-leaders/Marco-Fumagalli-05YCKS-E/biography/ He is on the Board of Directors at Coro Energy Plc, Echo Energy Plc, Sound Energy Plc, Cip Management SA, Ecommerce Outsourcing SRL, Ivy Merchant Capital Ltd., JTC Group Ltd., Merchant Capital Gp Ltd., P101 Sgr SpA, Protea Capital SA, CIP Merchant Capital Ltd. and Merchant Capital Manager Ltd. Https://www.bloomberg.com/profile/person/7493593
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15/3/2020
11:38		brookemia: Another Parsons Success Story🤥ԍ54;🐷🤦;‍♂️;💰 partridge Posts: 1,921 Price: 0.0375 No Opinion Be wary of what is put in front of youSat 10:40 https://investegate.co.uk/ascent-resources-plc--ast-/rns/fundraising-update-and-total-voting-rights/202003131741141775G/quote Read the RNS. It has significance for Nuog shareholders. Mr Parsons is struggling to raise placing cash at Ascent Resources. Ascent, like Nuog, is a bombed out oily. Mr Parsons is a director of C4 Energy, the company ruling the roost, or should I say holding the debt, at Nuog. The two new people at Nuog are shareholders in C4 Energy. The same MO will be used at both companies. Raise cash from placing and sell the shares onto mug punters. That's OK as long as the share price is above the placing price. Ascent shareholders have not rushed in to buy. The share price is below the placing price. Get the picture? The placing faltering. Cash is hard to raise. The shares at Ascent have no true value. The same applies to Nuog. Share price below the two recent cash raises. A lack of appetite from placees. Even after yesterdays pump and dump when the doctor was called in. Let the good doctor keep his own medicine. The hype was about disguising the sale of 150,000,000 shares in the morning. Perhaps someone was asked to partake in the next cash raise and didn't like the odds? People want to sell large share holdings and skeddadle. Smell the coffee. The jumpers are going to try very hard to raise the share price. To do that they need to relieve you of your money. Do not let them. Do not be a mug punter.
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24/2/2020
20:29		brookemia: gulagescapee Posts: 73 Price: 2.625 No Opinion coro BBToday 13:59 this from a top poster "patridge" on Coro BB but very relevant here. If the majority of PI's in companies with any links to Parsons think he is a low down scum bag out to line his own pockets and those of his little gang then well.......me I couldn't possibly comment lol " The initial £0.4 million consideration for the Disposal, payable by Zenith to the Group on Completion, will be settled through the issue of 6.7 million new Zenith Shares at an effective issue price of 6.0 pence per Zenith Share. Subject to the Italian Portfolio being disposed of achieving average daily production of 100,000 scm over a period of four successive months, a deferred consideration payment of £3.5 million will be made by Zenith to the Group through the issue of new Zenith Shares at an effective issue price equal to a 40% premium to the then prevailing Zenith share price at the time of issue". Why would the initial consideration be settled by the issue of shares at 6p when the share price was about 2p? How is that beneficial to shareholders of Coro? Why is the deferred consideration linked to the Zenith share price? And why is the payment at a 40% premium? How is that beneficial to Coro shareholders? If the production target is not met is there no deferred consideration paid? If the production target is not met do Zenith get the Italian portfolio for 6.7 million shares valued at 6p. Zenith shares are 1.4p today. There was also a 6 month lock in so Coro cannot sell. Is this a good deal? Don't worry. The head of Coro Italy has got a new position. He has gone to Ascent Resources with Mr Parsons. Is Mr Parsons chairman of Coro? I know he is director of C4 Energy. Mr Denham, the Coro CFO, is a shareholder in C4 Energy. He was parachuted into Nuog by C4 Energy. The broker at Nuog is Novum Securities. One of the brokers at Zenith is Novum Securites. Charles Brook Partridge is named at the bottom of the Zenith RNS as one of the partners in Novum. In recent weeks he bought 3% of Nuog shares. Two others did the same. The shares spiked. Charles sold his shares two days later. One of the people buying 3% Nuog shares was Mike Staten. He has a 6%+ stake in RGM. Mr Parsons is executive chairman at RGM in his C4 Energy capacity. RGM have a stake in Curzon. Recently C4 Energy bought the outstanding corporate debt in Curzon. It is a tangled web. Meanwhile, Coro has no assets. It has cash. But it also has £4,000,000 of administration cost a year. Everyone is highly paid and rewarded with options. Why? It is little more than a shell. It can find no place for its cash. No one wants it. Well, at least not in return for tangible assets.
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02/2/2020
20:31		brookemia: HUR JOG UKOG BPC LEK BOIL RBD PANR PXOG CORO SOU ECHO AAOG ZEN BLOE Posted: 02 Feb 2020 03:37 AM PST It’s been a busy week. Hurricane Energy (HUR) issued a trading and operational update and addressed the recent share price weakness, confirming that they are not aware of any subsurface, operational or commercial reasons that would have caused such decline. HUR was in the mid-40s a couple of months ago and now it's more than halved to 21p. Generally, I think that with these type of companies, the best profits are to be had in the exploration/appraisal phase; many tend to plateau or decline once the development/production stage is reached. Also operating in the North Sea, Jersey Oil & Gas (JOG) announced the acquisition of Equinor's 70% interest in Licence P2170. Payment terms are $3 million upon sanctioning by the Oil & Gas Authority of the Field Development Plan, $5 million upon first oil and an undisclosed royalty. This increases total 2C discovered resources across the Greater Buchan Area to 142 million barrels of oil equivalent net to JOG. They will be launching a farm-out process to attract partners, unfortunately the market doesn't appear to be hugely impressed with their news. Back onshore, UK Oil & Gas (UKOG) announced that they are bringing HH-1 into production during Spring 2020, followed by HH-2z upon completion of the current extended well test. This will enable recoverable reserves to be allocated to the project, a key first step to help access debt-based funding. HH-2z water shut-off intervention is to proceed in February. In relation to Loxley-1, the planning application will be heard by Surrey County Council at the end of February and, if approved, the Company plans to commence drilling in the winter of 2020/21. Can they generate enough new investor interest to offset selling by the convertible loan note holders is the issue here. With the largest upcoming drill net to its interest, Bahamas Petroleum Company (BPC) announced its "Roadmap to Drilling" resulting in some market excitement. Drilling is expected to commence in April 2020 targeting P50 recoverable prospective resources of 0.77 billion barrels of oil, with an upside of 1.44 billion barrels. It's not actually financed yet though. I discuss all this further in the private blog and, if you're interested in subscribing to that, the link is hxxps://www.oilnewslondon.com/oilman-jim Moving on, Lekoil (LEK) announced that its Otakikpo field is currently producing 2,122 barrels of oil per day net to LEK's subsidiary, LOGL. Their expansion project has the potential to increase production on the field up to 8,000 barrels of oil per day net to LOGL, although the subsidiary also carries a term loan debt of $19.2 million at LIBOR + a rather large 10%. The big play at LEK is OPL 310, in respect of which $2 million has to be paid on or before 20 March 2020, $7.6 million has to be paid on or before 2 May 2020 and evidence of their ability to fund 42.86% of the costs and expenses for drilling the first OPL 310 appraisal well has to be provided by July 2020. A financing is certainly coming up and I doubt it will just be debt this time. Baron Oil (BOIL) returned from suspension; its reverse take over of SundaGas has been terminated. They still have an entitlement to an effective 25% interest in the Chuditch Petroleum Sharing Contract, offshore Timor-Leste, providing they reimburse their $500,000 share of costs before 26 April 2020. Perhaps of more immediate interest, an experienced local operator with onshore drilling capability has expressed a desire to drill their Peru block, farming-in by contributing a substantial portion of the costs in return for equity in the block. Drilling this well would be a relatively low-cost operation, estimated at $1.4 million (gross) with two independent reservoir targets which would offer shareholders drilling activity during 2020 and the potential for significant additional value on discovery. They also have a 15% share of the Corallian prospects, but apart from Reabold Resources (RBD) rabbiting on about a huge discovery, I think everyone else accepts that Colter is dead. Currently, I wouldn't pay too much attention to the talk about the Inner Moray Firth licences either. With £346,000 cash as of 31 December 2019, a fundraising clearly now is imminent. Pantheon Resources (PANR), has been issuing some strong announcements, to no end unfortunately since their shares currently are suspended for failing to file their accounts on time. They announced a report the previous week confirming a contingent resource of 76.5 million barrels of recoverable oil and say that their farm-out process remains underway with a number of groups having entered the data room and with a number of others having expressed interest in entering the data room in the future. It doesn’t really sound that promising actually. Of more relevance to investors perhaps, following receipt of the contingent resource statement, which their auditors insisted upon, they’re “targetingR21; publication of the financial results and hope to return to trading this month. This week, they're touting their own management estimates that the new acreage they picked up in the December lease sale could contain in excess of 1 billion barrels of oil in place. It all seems a bit of a waste of time with their shares suspended. For some reason, I find it very hard to take this company seriously. Prospex Oil & Gas (PXOG) announced a placing of 600,000,000 shares at 0.12p to raise £720,000. Two years ago the share price was nearly 0.8p, so you can see the value destruction that has gone on here. Latest wheeze is an old Spanish gas to power project, which sounds quite interesting, until you see that the original "vendors retained the right to 16% of future revenue derived from any further commercial discoveries." That's a 16% royalty on gross production, which is quite something compared to the royalty paid to the actual owner of the gas, the Kingdom of Spain, which is just 3%. PXOG is yet another unfocussed company jumping from here to there and never likely to generate operating profits exceeding administration expenses allowing an actual return to shareholders. I’ve warned about this one and other similar companies before. As investments, they are pointless really. Kind of like burning your money. In the same category, Coro Energy (CORO) announced the termination of the Bulu PSC acquisition. They say it's due to a change in strategy, but I guess that change was forced upon them since they could not raise the finance needed. CORO is one "person" in James Parson's self styled "holy trinity," the others being Sound Energy (SOU) and Echo Energy (ECHO). With credibility now shattered and the share prices collapsed, unless they've already forward sold the shares at a higher price, only an idiot would invest any money. I’ve warned about all three of them constantly.
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22/12/2019
20:21		brookemia: OilmanJim AAOG BLOE SOU UOG RKH TXP UJO RBD SOLO PXOG ECHO Posted: 22 Dec 2019 02:49 AM PST Companies are now saving up their good news for next year, but there were still plenty of interesting announcements last week. Anglo African Oil & Gas (AAOG) CEO, James Berwick, resigned on Monday and the share price now is down to around half a penny. They're only going to "commence a search for a new CEO at the appropriate time” so it’s looking like things are over at this company. It’s a good result for those who paid attention to what I've being saying about Anglo African over the past year and shorted it. Most though were simply very angry with my comments. As Mark Twain said: “It’s easier to fool people than to convince them that they have been fooled.” Another winner for shorts over the last six months is Block Energy (BLOE), which ramped up its share price in anticipation of a placing on the basis that it was producing 1,100 barrels of oil per day and didn’t need a placing. In fact, as I warned numerous times, the production was mainly water and the price collapsed once the truth was admitted by the company. Block announced an operations update on Tuesday in relation to its latest well, but I would guess that having been spoken to very firmly by the regulators, it's taking no chances now, disclosing only that the well is "flowing" and not even mentioning the word “oil” this time. It’s remarkable looking back on this now, how aggressively I was attacked at the time by those peddling the false stories and also by those who wanted to believe them. A third disgrace is Sound Energy (SOU), which I've been calling down from the mid 40s. It announced yet another "keep the lights on" placing on Wednesday, this time at 2p, but it's still capitalised at £26 million, so has plenty of room to fall further, which it may well do since the sale of its assets now sounds very far from certain. A big success for those who shorted it though. A further company attracting controversy is United Oil & Gas (UOG), where some placees who were sitting on losses have gone on a ramp. The claims being made on social media were so excessive that the company was forced on Friday afternoon to issue a RNS disclaiming them and emphasising that sustainable production rates could be significantly lower than the initial test. The group responsible for the statements which prompted the RNS has previously been distributing other misleading information and I would strongly suggest taking the time to read carefully and understand fully all the RNS announcements from United Oil & Gas and Rockhopper Exploration (RKH). On the brighter side for those stuck in at higher levels, if the pump continues to work temporarily, it could provide an opportunity to get their money back. More realistic news from Touchstone Exploration (TXP) which announced strong test results from its COHO-1 well, plus an oil discovery. In the New Year, they're going to comprehensively test the the Cascadura-1ST1 well and, if the findings are positive, it will set up a development drilling program. Still to be resolved though is how this would be funded. Union Jack Oil (UJO) and Reabold Resources (RBD) announced that extended well test operations are to be recommenced following receipt of the required regulatory approvals. The market was not impressed unfortunately and the share prices of both companies dipped, although Union Jack looks to be the firmer of the two now. Solo Oil (SOLO)’s production acquisition is looking uncertain. They’re now trying to renegotiate terms with ONE Dyas to reflect changes since signing, but there are no guarantees that new terms can be agreed and the deal may not proceed. No market changes here though since the shares currently are suspended. Prospex Oil & Gas (PXOG) announced the possible acquisition of a minority stake in a Spanish gas power project. They say they believe their current market cap represents a fraction of Prospex's underlying value, unfortunately, the market probably won’t believe that and the financing for all this is likely to be at an even lower price next time. Echo Energy (ECHO) announced mobilisation of the rig to drill the Campo Limite exploration well, which is due to spud before year end. The operator’s estimated volumes for gross gas initially in place for the Campo Limite area is 48.9 billion cubic feet P50 mid case. Estimated geological chance of success is 70%. Let’s see if luck changes over the New Year for this part of Mr. Parson’s self styled “holy trinity.” I'll be back next Sunday with a full blog and podcast and if you'd like to know my actual trading ideas, then subscribe to the private blog at hxxps://www.oilnewslondon.com/oilman-jim The next issue will be sent out on Friday. In the meantime, I wish you all a very Merry Christmas. Contact me on Twitter @oilmanjim The author holds one or more investments in one or more of the companies mentioned so this post cannot be viewed as independent research. This post does not constitute investment advice or a recommendation to buy or sell and may be incorrect or outdated
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06/11/2019
07:08		rwells4474: others)TIDMSOURNS Number : 3796SSound Energy PLC06 November 20196 November 2019Sound Energy plc("Sound Energy" or the "Company")Marketing Process Update: Exclusivity AwardSound Energy, the Moroccan focused upstream gas company, is pleased to update investors on the ongoing marketing process in respect of its Eastern Morocco Portfolio.Marketing Process UpdateThe Company announced on 22 May 2019 that, following a decision by its Board to explore monetisation options for the Company's interests in the Tendrara Production Concession, the Greater Tendrara Petroleum Agreement and the Anoual Permits (together the "Eastern Morocco Portfolio") with a view to assessing a sale of the portfolio prior to a final investment decision, the Company had commenced the marketing of the Eastern Morocco Portfolio.The Company has since entered into non-disclosure agreements with 23 companies and, following these, hosted some 15 management presentations which resulted in the Company receiving a number of non-binding offers for its Eastern Morocco Portfolio, delivering a range of valuations and risk / reward profiles.Fundamentally, the Company continues to believe the Tendrara basin requires further exploration drilling to unlock fully the basin potential and to deliver enhanced value to shareholders.As a result, the Company has now entered into a non-binding heads of terms agreement (the "HOT") with, a privately-owned, UK registered company specialising in energy asset development and investment (the "Purchaser"), which will, on completion of the transaction, result in the sale of a substantial proportion of the Company's interest in the Eastern Morocco Portfolio, whilst at the same time allowing it to retain a carried interest that provides the opportunity for Sound Energy and its shareholders to continue to benefit from significant potential upside in the Eastern Morocco Portfolio.Under the terms of the HOT, Sound Energy has granted to the Purchaser an exclusivity period expiring on 14 February 2020, subject to certain milestones being met, to complete due diligence on the Eastern Morocco Portfolio and to finalise a binding sale and purchase agreement for the proposed sale by Sound Energy of 51% (24.2% out of a total of 47.5%) of its share in the Eastern Morocco Portfolio for a total consideration of US$112.8 million, consisting of a US$54.3 million cash consideration payable in tranches and an estimated US$58.5 million carry with respect to Sound Energy's future capital expenditure requirements relating to its retained interest in the Tendrara Production Concession in order to achieve first gas production from the concession (the "Proposed Transaction").On completion of the Proposed Transaction it is anticipated that Sound Energy retains a 23.3% share of the Eastern Morocco Portfolio synthetically through a new joint venture. The Company will also provide the Purchaser with a one-year option to acquire a further 9% of Sound Energy's remaining interest in Eastern Morocco Portfolio on the same proportional financial consideration and carry terms as the Proposed Transaction (the "Option"). Should the Option be exercised, the Company's retained synthetic interest in the Eastern Morocco Portfolio would be reduced to 14.3%.The cash consideration will be payable in three tranches: 55% on completion of the Proposed Transaction (from which the Company will meet transaction expenses and related costs); 30% at the Final Investment Decision (when binding commitments are made to provide the development capital) of the concession; and 15% within 60 days of the delivery of first gas production from the concession. The completion of the Proposed Transaction will be subject to satisfactory completion of due diligence and Purchaser financing.The Proposed Transaction will be subject to Sound Energy shareholder approval at a general meeting of the Company to be convened in due course.Further announcements in relation to the progress of the Proposed Transaction will be made, as appropriate.Simon Davies, the Company's Chairman, commented:"The Proposed Transaction being progressed on an exclusive basis funds development of the Tendrara project, provides early monetisation of a substantial part of our established gas resources and retains upside for our shareholders through both future gas production and further exploration drilling."For further information please contact:
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