Sound Energy PLC First Payment for Disposal of Badile Land (4014R)
March 08 2021 - 1:00AM
UK Regulatory
TIDMSOU
RNS Number : 4014R
Sound Energy PLC
08 March 2021
8 March 2021
Sound Energy plc
("Sound Energy" or the "Company")
First Payment for Disposal of Badile Land
Sound Energy, the Moroccan focused upstream gas company,
announced on 6 August 2020 that its Italian former subsidiary,
Apennine Energy SPA ("Apennine"), had entered into a Pre-Sale
Agreement with a buyer pursuant to which Apennine had agreed to
sell the area of land upon which the Badile exploration well was
drilled in 2017 (the "Badile Land").
Under the terms of the Pre-Sale Agreement, it was agreed that
the sale of the Badile Land would proceed in two independent
stages, being an initial sale of "Area 1", on which no restoration
works were required to be undertaken and the subsequent sale of
"Area 2", which remains subject to the requirement for restoration
works to be carried out and certified as complete. The restoration
works on Area 2 are pending a decision of the Italian local
authorities as to the proposed scope of the restorative
actions.
Apennine has now concluded the sale of Area 1 of the Badile land
and Sound Energy has received sales proceeds of EUR 182,535.20 net
of administrative, agency and legal fees. It is anticipated that
conclusion of the sale of Area 2 (for a consideration of EUR
350,000) will conclude later this year.
For further information please contact:
Vigo Communications - PR Adviser Tel: 44 (0)20 7390 0230
Patrick d'Ancona
Chris McMahon
Sound Energy Chairman @soundenergyplc.com
Graham Lyon, Executive Chairman
Tel: 44 (0)20 7397 8900
Cenkos Securities - Nominated Adviser
Ben Jeynes
Russell Cook
SP Angel Corporate Finance LLP
Richard Hail Tel: +44 (0)20 3470 0470
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END
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