Sound Energy PLC Update re Tendrara Gas Sales Agreement MOU (3174I)
April 01 2020 - 1:00AM
UK Regulatory
TIDMSOU
RNS Number : 3174I
Sound Energy PLC
01 April 2020
1 April 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, as amended in January 2020, 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 31 March 2020.
The Company confirms that GSA negotiations continue and
announces that it is in the process of agreeing a further amendment
to the MOU with ONEE in order to extend the period for negotiations
of the final GSA to 30 June 2020 (the "Amendment").
Whilst the Amendment has been agreed in principle, COVID-19
related travel restrictions have meant that it has not yet been
possible for the parties to enter into the Amendment and, as a
result, 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 Tel: 44 (0)20 7390
Patrick d'Ancona 0230
Chris McMahon
Sound Energy questions@soundenergyplc.com
Cenkos Securities - Nominated Adviser Tel: 44 (0)20 7397
Ben Jeynes 8900
Russell Cook
Turner Pope Investments (TPI) Ltd - Broker Tel: (0)20 3657 0050
Zoe Alexander
Andy Thacker
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END
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