Sound Energy PLC Eastern Morocco Portfolio Update (5141Z)
January 13 2020 - 1:00AM
UK Regulatory
TIDMSOU
RNS Number : 5141Z
Sound Energy PLC
13 January 2020
13 January 2020
Sound Energy plc
("Sound Energy" or the "Company")
Eastern Morocco Portfolio Update
Sound Energy, the Moroccan focused upstream gas company, is
pleased to provide an update on the Environmental Impact Assessment
("EIA") approvals, negotiations of Tendrara Gas Export Pipeline
("TGEP") corridor rights and the Gas Sales Agreement ("GSA")
negotiations.
EIA of the TGEP:
The Company is pleased to announce receipt of EIA approval from
the Moroccan Ministry of Energy, Mines and Environment to build and
operate a 120 km 20 inch gas pipeline connecting the proposed gas
treatment plant and compression station ("CPF") to the Gazoduc
Maghreb Europe pipeline ("GME"). The TGEP will cross the Matarka
Commune (Province of Figuig) and Merija Commune (Province of
Jerada) to reach the delivery point of the GME.
EIA of the gas treatment plant and compression station:
The Company advises that the EIA process related to CPF is
progressing well. The initial meeting of the National Committee
from the Moroccan Ministry of Energy, Mines and Environment to
review the CPF EIA was held on 10 October 2019. The second meeting
of National Committee to further consider and, if agreed, to
approve CPF EIA is scheduled on 28th January 2020.
Tendrara Gas Export Pipeline corridor rights:
The Company advises that ongoing discussions with the
representatives of the Morocco's Ministry of Interior to obtain
rights through a long-term lease agreement for a 50m wide corridor
along the entire 120 km length of the TGEP are progressing to
plan.
Tendrara Gas Sales Agreement MOU:
The Company confirms that GSA negotiations continue and, as
indicated in the announcement made on 2 January 2020, is now
pleased to announce signature of the amendment to the binding
memorandum of understanding with Morocco's Office National de
l'Electricité et de l'Eau Potable, the state power company of
Morocco, in order to extend the period for negotiations of the
final GSA to 31 March.
The Company continues to work on a Build-Own-Operate-Transfer
funding solution for the infrastructure at the Tendrara Concession
in parallel with progressing the previously announced proposed sale
of a substantial stake in the Company's Eastern Morocco
Portfolio.
The Company believes that the developments cited above are
important milestones in the process of developing and
commercialising the Tendara Concession and as the Company
progresses towards the Final Investment Decision (when binding
development capital commitments are to be made) for the
concession.
Further announcements with respect to matters above will be made
in due course, as appropriate.
For further information please contact:
Vigo Communications - PR Adviser Tel: 44 (0)20 7390 0230
Patrick d'Ancona
Chris McMahon
Simon Woods
Sound Energy questions@soundenergyplc.com
Cenkos Securities - Nominated Adviser Tel: 44 (0)20 7397 8900
Azhic Basirov
Ben Jeynes
Tel: 44 (0)20 7653 4000
RBC - Joint Broker
Matthew Coakes
Martin Copeland
Macquarie Capital (Europe) Limited Tel: 44 (0)20 3031 2000
- Joint Broker
Alex Reynolds
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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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