Update re Tendrara Gas Sales Agreement MOU

RNS Number : 4662Y

Sound Energy PLC

02 January 2020

 

2 January 2020

Sound Energy plc

("Sound Energy" or the "Company")

Update re Tendrara Gas Sales Agreement MOU

The Company announced on 30 October 2019 that it had, in relation to ongoing negotiations in respect of a Gas Sales Agreement for the sale of natural gas production in the Tendrara  concession in Eastern Morocco (the "GSA"), entered into a  binding memorandum of understanding (the "MOU") with Morocco's Office National de l'Electricité et de l'Eau Potable ("ONEE"), the state power company of Morocco, on behalf of its partners, including Morocco's L'office National des Hydrocarbures et des Mines.

Under the MOU the parties have agreed to use their reasonable endeavours to continue negotiations with a view to entering into a binding GSA, incorporating the key terms of the MOU announced on 30 October 2019 and construed under Moroccan law, prior to the end of calendar year 2019.

The Company confirms that GSA negotiations continue and announces that it is in the process of agreeing an amendment to the MOU with ONEE  in order to extend the period for negotiations of the final GSA to 31 March 2020 (the "Amendment"). Following an agreement in principle, the parties intend to enter into the Amendment as soon as is practicable.

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

For further information please contact:

Vigo Communications - PR Adviser Patrick d'Ancona Chris McMahon Simon Woods	Tel: [phone]
Sound Energy	[e-mail]
Cenkos Securities - Nominated Adviser Azhic Basirov Ben Jeynes	Tel: [phone]
RBC - Joint Broker Matthew Coakes Martin Copeland	Tel: [phone]
Macquarie Capital (Europe) Limited - Joint Broker Alex Reynolds	Tel: [phone]

 

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