Eastern Morocco: Concession Application

RNS Number : 7118Q

Sound Energy PLC

08 June 2018

 

8 June 2018

Sound Energy plc

("Sound Energy" or the "Company")

Eastern Morocco : Application for Development Concession

Sound Energy, the Moroccan focused upstream gas company, is pleased to announce the submission to the Ministry of Energy, on behalf of its Joint Venture partners, of its application for the development concession relating to the Tendrara gas discovery.

Sound Energy's CEO James Parsons commented:

"I am delighted with the achievement of this important milestone with the first, development concession in Eastern Morocco.  The concession award, expected later this year, will be a significant step to both de-risk the development and commercialise the gas discovery.   

The Company continues to make excellent progress on all fronts and, in addition to the FEED award announced on 7 June, the Company continues to advance discussions in relation to a gas sales agreement."

The Tendrara gas discovery sits in an onshore block located in Eastern Morocco, where Sound Energy  started exploration activities as the operator in June 2015.

Sound Energy's application for the Phase-1 development of Tendrara, which will now be reviewed by the Ministry of Energy, covers the technical and commercial aspects of the field development plan and the outline of the development area.

Once on-stream, the existing discovery is expected by the Company to produce some 60 million standard cubic feet per day of natural gas, and be monetised through a future 120km pipeline to the Gazoduc Maghreb Europe (GME) pipeline which is part of the infrastructure subject to the recent front end engineering and design ("FEED") award.

For further information please contact:

Vigo Communications - PR Adviser Patrick d'Ancona Chris McMahon Kate Rogucheva	Tel: [phone]
Sound Energy James Parsons, Chief Executive Officer	[e-mail]
Smith & Williamson - Nominated Adviser Azhic Basirov David Jones Ben Jeynes	Tel: [phone]
RBC - Joint Broker Matthew Coakes Martin Copeland Laura White	Tel: [phone]
Macquarie Capital (Europe) Limited - Joint Broker Alex Reynolds Nick Stamp		Tel: [phone]

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.

 

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