7 March 2019
Sound Energy plc
("Sound Energy" or the "Company")
Update re Gas Sales Agreement
Sound Energy, the Moroccan focused upstream gas company, confirms continued positive discussions with Morocco's Office National de l'Electricité et de l'Eau Potable ("ONEE") and the Moroccan Minister of Energy in relation to a gas sales agreement ("GSA"), pursuant to which The Minister of Energy has confirmed his intention that the GSA covers all of the gas to be produced from the recently awarded Tendrara Production Concession, onshore Morocco. The GSA is a critical next step that Sound Energy and its partners require ahead of taking a Final Investment Decision on the development.
The Tendrara development has the potential to offer Morocco both a new strategic domestic gas supply source, thereby reducing its dependency on Algerian imports, and significant new gas transportation infrastructure in the East of Morocco connected to the Gazoduc Maghreb Europe pipeline.
For further information please contact:
Vigo Communications - PR Adviser Patrick d'Ancona Chris McMahon |
Tel: +44 (0)20 7390 0230 |
Sound Energy James Parsons, Chief Executive Officer JJ Traynor, Chief Financial Officer |
[email protected] |
Cenkos Securities - Nominated Adviser Azhic Basirov David Jones Ben Jeynes |
Tel: +44 (0)20 7397 8900 |
RBC - Joint Broker Matthew Coakes Martin Copeland |
Tel: +44 (0)20 7653 4000 |
Macquarie Capital (Europe) Limited - Joint Broker Alex Reynolds Nick Stamp |
Tel: +44 (0)20 3031 2000 |
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.
