7th Nov 2019 11:50
(Alliance News) - Morocco-focused gas company Sound Energy PLC on Thursday said it expects to become a non-operating company after selling many of its interests in the country.
On Wednesday, Sound announced the sale of most of its stake in eastern Moroccan assets for USD112.8 million. It had in May decided to look at options for the assets, which include the Tendrara concessions and the Anoual permit.
Sound will have 21% of the portfolio following the sale of 51% of its holding.
On Thursday, Sound said it will be making various board changes to make sure it has the "appropriate management and cost structure" in place once it becomes a non-operating firm.
As a result, JJ Traynor, Sound's chief financial officer, will leave the company on February 6 next year, with duties to be split among existing staff.
Sound shares were 7.6% lower on Thursday in London at 4.90 pence each. They have lost 32% in the past five days.
By George Collard; [email protected]
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