1st Jul 2020 11:51
(Alliance News) - Sound Energy PLC on Wednesday said sales agreement talks over a gas sales agreement with Morocco's Office National de l'Electricite et de l'Eau Potable are continuing despite Covid-19 travel restrictions.
In April, Sound said it agreed to put in place an amendment to extend the period for negotiations for the natural gas production sales agreement at the Tendara concession to the end of June.
Sound explained on Wednesday: "As at the date of that announcement and due to Covid-19 related travel restrictions, it had not been possible for the parties to enter into the amendment.
"Due to continuing Covid-19 restrictions, the parties have not been able to execute the Amendment. However, and notwithstanding the period for negotiations set out in the MOU having expired, the company confirms that gas sales agreement negotiations between the parties have continued, and continue, in good faith throughout this period of disruption."
The company added that with effect Wednesday, it has added David Blewden to its board as an independent non-executive director.
Blewden is currently the chief financial officer at private exploration and production firm Sunny Hill Energy Ltd and is also a non-executive at London-listed Gulf Marine Services PLC, an Abu Dhabi-based oil & gas support vessels provider.
Sound Energy Chair Graham Lyon said: "We are delighted to welcome David to Sound Energy. His extensive industry, financial and public markets experience will add significant value to the board of directors. I, and the rest of the Sound Energy board, very much look forward to working with David whilst continuing to take the company forward. I am also encouraged by ONEE's ongoing cooperation in seeking to conclude matters notwithstanding the difficulties presented by Covid-19."
Shares in the company were 13% lower at 3.65 pence each in London on Wednesday morning.
By Eric Cunha; [email protected]
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