Sound Energy PLC Completion of OGIF Acquisition and Issue of Equity (4317Q)
September 12 2017 - 1:00AM
UK Regulatory
TIDMSOU
RNS Number : 4317Q
Sound Energy PLC
12 September 2017
12 September 2017
Sound Energy plc
("Sound Energy" or the "Company")
Completion of OGIF Acquisition
and Issue of Equity
Sound Energy, the African and European focused upstream gas
company, is pleased to announce the completion of the Company's
previously announced acquisition by the Company of the interests of
Oil & Gas Investment Fund S.A. ("OGIF") in Eastern Morocco (the
"Acquisition") following receipt of final approvals in relation to
the Anoual and Tendrara licence areas.
As a result, the Company now holds:
-- An operated 75% position, of which 27.5% is shared with
Schlumberger resulting in a net 47.5% position for the Company, in
the Tendrara petroleum agreement; and
-- An operated 75% position, of which 27.5% is shared with
Schlumberger resulting in a net 47.5% position for the Company, in
the Anoual petroleum agreement (formely the Meridja reconnaissance
area); and
-- An operated 75% position, of which 27.5% is shared with
Schlumberger resulting in a net 47.5% position for the Company, in
the Mararka reconnaissance exploration licence (covering the
previously relinquished Tendrara acreage).
In consideration, the Company will now issue 272,000,000 new
ordinary shares to OGIF (the "Consideration Shares"). The issue of
the Consideration Shares, which represent 27.0% of the Company's
issued ordinary share capital, as enlarged by the issue of the
Consideration Shares, was approved by Sound Energy shareholders on
15 March 2017.
Application will be made to the London Stock Exchange plc for
the Consideration Shares, which rank pari passu with the Company's
existing ordinary shares, to be admitted to trading on AIM
("Admission"). Dealings are expected to commence at 8.00 a.m. on 18
September 2017. Following the issue of the Consideration Shares the
Company will have 1,007,429,393 ordinary shares in issue.
From Admission, the relationship agreement between the Company
and OGIF (the "Relationship Agreement"), will take effect. Further
details of the Relationship Agreement are provided in the circular
posted to Sound Energy shareholders on 21 February 2017 (and
available on the Company's website at www.soundenergyplc.com).
This announcement is inside information for the purposes of
Article 7 of Regulation 596/2014.
For further information please contact:
Vigo Communications - PR Tel: +44 (0)20 7830
Advisor 9700
Patrick d'Ancona
Chris McMahon
Alexandra Roper
Sound Energy
James Parsons, Chief Executive j.parsons@soundenergyplc.com
Officer jj.traynor@soundenergyplc.com
JJ Traynor, Chief Financial
Officer
Smith & Williamson - Nominated Tel: +44 (0)20 7131
Adviser 4000
Azhic Basirov
David Jones
Ben Jeynes
RBC - Broker Tel: +44 (0)20 7653
Matthew Coakes 4000
Martin Copeland
Laura White
This information is provided by RNS
The company news service from the London Stock Exchange
END
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