2nd Dec 2021 06:50
Sound Energy PLC - gas developer in Morocco - Says progress made on satisfying remaining conditions for gas sales agreement announced back in July. This is a 10-year pact for Afriquia Gaz to buy liquefied natural gas from Sound Energy. The agreement is for no fewer than 100 million cubic metres of gas per year. Afriquia Gaz also subscribed to GBP2 million worth of Sound Energy shares at the time. The deal covers the phase one development at Sound Energy's Tendrara concession in Eastern Morocco. A new sales contract for phase two of the project, with the Office National de l'Electricite et de l'Eau potabl, was announced on Tuesday this week. On Wednesday, Sound Energy says it has agreed with Afriquia Gaz to extend the deadline for meeting remaining contract conditions to December 17. Says the remaining material condition relates to the USD18 million loan from Afriquia Gaz to Sound Energy that is part of the overall deal. "We are confident that all conditions precedent to the LNG [gas sales agreement] will be satisfied imminently," says Executive Chair Graham Lyon.
Current stock price: 1.85 pence, up 28% on Wednesday
Year-to-date change: up 29%
By Tom Waite; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Sound Energy