Update re Conditions to Divestment

Sound Energy PLC

16 July 2024

 

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation ("MAR") (EU) No. 596/2014, as incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

16 July 2024

Sound Energy plc

("Sound Energy" or the "Company" and together with its subsidiaries the "Group")

Moroccan Assets: Binding agreement for the sale of share capital of Sound Energy Morocco East Limited - Managem Board Approval

Sound Energy (AIM: SOU), the transition energy company, is pleased to announce that subsequent to the Company's announcement of 14 June 2024 regarding the entry into a conditional binding Sale and Purchase agreement for the partial divestment by the Company 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"), Sound Energy has received confirmation of the approval of Managem's Board of Directors to the Transaction, satisfying one of the conditions precedent to the SPA.   

The Transaction remains conditional upon the remaining Conditions Precedent to the SPA, as disclosed by the Company in the announcement of 14 June 2024, being satisfied or waived and further announcements will be made, as appropriate, in due course.

Commenting, Graham Lyon (Executive Chairman of Sound Energy) said:

"We are very pleased to have received Managem's formal board approval for the Transaction and we are working to effect completion of all remaining conditions precedent to the SPA in the near term. Meanwhile a transition plan is being executed with the Managem team to ensure a smooth hand over."

For further information visit www.soundenergyplc.com follow on X @soundenergyplc, LinkedIn, 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]
Gneiss Energy Limited - Financial Adviser Jon Fitzpatrick Paul Weidman Doug Rycroft	Tel: [phone]
Advisory & Finance Group Investment Bank - M&A advisory Mohammed Benslimane Reda Benjelloun	Tel: [phone]
Cavendish Capital Markets - Nominated Adviser Ben Jeynes  Peter Lynch	Tel: [phone]
Zeus - Broker Simon Johnson	Tel: [phone]

 

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