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Sound Energy Gives 2021 Update On Operations In Morocco

Sound Energy, the transition energy company, has released its audited final results for the year ended 31 December 2021.

Development of the Moroccan Tendrara Production Concession

Phase 1 Micro LNG project

  • 10-year take or pay Gas Sales and Purchase agreement signed with AfriquiaGaz
  • Execution of $18.0 million loan facility from AfriquiaGaz (with 6% annual coupon and a 12-year term)
  • Post period end issue of notice to proceed to Italfluid, an EPC contractor providing lease, operate and maintain facilities

Phase 2 Gas (pipeline) developments

  • 10-year take or pay Gas Sales and Purchase agreement signed with ONEE, a key milestone to monetise the gas resources at Tendrara

Exploration and growth

  • Extension of Anoual exploration permit duration from 8 to 9 years
  • Acquisition of Schlumberger Silk Route Services Limited

Corporate

  • Successful restructuring of €28.8 million corporate loan notes
  • Reduction in administrative expenses by approximately 42% compared with 2020
  • Equity subscription by AfriquiaGaz of £2.0 million
  • Receipt of circa €183,000 first payment for disposal of Badile in Italy
  • Post period announcement of a possible offer for Angus Energy plc


“2021 was a year of delivery in pursuit of monetising our significant discovered gas for our Phase 1 mLNG project. This included the successful conclusion of a number of major agreements and the delivery of key project milestones that very clearly demonstrated our commitment to delivering against our promises. During 2022, we will continue to work tirelessly to deliver additional value for our shareholders through meaningful progression on both the Phase 1 mLNG project and the Phase 2 gas pipeline development in our energy transition strategy in order to deliver increased future Company growth. I look forward with confidence to delivering a similarly productive 2022 for Sound on behalf of all of its stakeholders,”Graham Lyon, Executive Chairman commented.

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