REG - Sound Energy PLC - Statement re Moroccan Press Speculation

Sound EnergyAnnouncement

27/09/2024 07:00

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RNS Number : 9922F  Sound Energy PLC  27 September 2024

 

 

27 September 2024

Sound Energy plc

 

("Sound Energy", the "Company" and together with its subsidiary undertakings
the "Group")

 

Statement re Moroccan Press Speculation

 

Further to the announcement of 14 June 2024 regarding the entry into a
conditional binding Sale and Purchase agreement for the partial divestment by
Sound Energy (AIM: SOU), of its Moroccan assets (the "SPA") by way of the
disposal by the Company of the entire issued share capital of the Company's
wholly owned subsidiary Sound Energy Morocco East Limited to Managem SA (the
"Transaction"), the Company notes Moroccan press speculation in relation to
Managem having received authorisation by the Moroccan Competition Council to
 the transaction.

 

Whilst the Company is pleased to confirm that the Moroccan Competition
Council's authorisation satisfies a significant condition precedent of the
SPA, the Transaction remains conditional upon the following conditions
precedent being satisfied or waived:

 

·    Approvals by ONHYM and the Moroccan Minister of Energy of the Company
continuing as the Operator of record of the Tendrara Exploitation Concession,
and the Anoual and Grand Tendrara Exploration Permits where required;

 

·    Receipt of the written authorisation of the Foreign Exchange Office
(Office des Changes) relating to Managem's payment obligations;

 

·    Confirmation in writing by the Seller to the Buyer that no Material
Adverse Change has occurred;

 

·    Approval by Schlumberger in accordance with the terms of
Schlumberger's profit-sharing deed in respect of the Concession or Managem
negotiating and entering into an agreement with Schlumberger for the
cancellation of the profit-sharing deed;

 

·    Extension of the Start Date/Deemed Start Date as defined in the LNG
GSA; and

 

·    Delivery of Completion accounts and Assurance Release Conditions.

 

The Company is pleased to announce that whilst it is continuing to work
closely with Managem to satisfy the above conditions precedent, the following
conditions precedent have been satisfied:

 

·    Approval of ONEE of the change of control of the Company pursuant to
the ONEE GSA;

 

·    Approval of Managem's board of directors of the Transaction;

 

·    Removal of Sound Energy Morocco SARL AU as dormant subsidiary of
SEME; and

 

·    Receipt of Moroccan Competition Council's authorisation

 

Further announcements will be made, as appropriate, in due course.

 

 

For further information visit www.soundenergyplc.com follow on twitter
@soundenergyplc or contact:

 

 Flagstaff Strategic and Investor Communications  Tel: 44 (0)20 129 1474

 Tim Thompson                                     sound@flagstaffcomms.com

 Mark Edwards

 Alison Allfrey

                                                  chairman@soundenergyplc.com (mailto:chairman@soundenergyplc.com)

 Sound Energy

 Graham Lyon, Executive Chairman

                                                  Tel: 44 (0)20 7220 0500

 Cavendish Capital Markets - Nominated Adviser

 Ben Jeynes

 Peter Lynch

 Zeus - Broker                                    Tel: 44 (0)20 3829 5000
 Simon Johnson

                                                  Tel: 44 (0)20 3983 9263

 Gneiss Energy Limited - Financial Adviser

 Jon Fitzpatrick

 Paul Weidman

 Doug Rycroft

 

Forward looking statements

 

Certain statements in this announcement are forward-looking statements which
are based on the Company's expectations, intentions and projections regarding
its future performance, anticipated events or trends and other matters that
are not historical facts. Generally, the words 'will', 'may', 'should',
'continue', 'believes', 'targets', 'plans', 'expects', 'aims', 'intends',
'anticipates' or similar expressions or negatives thereof identify
forward-looking statements. These statements are not guarantees of future
performance and are subject to known and unknown risks, uncertainties and
other factors that could cause actual results to differ materially from those
expressed or implied by such forward-looking statements. Factors that would
cause actual results or events to differ from current expectations, intentions
or projections might include, amongst other things, changes in oil prices,
changes in equity markets, failure to establish estimated petroleum reserves,
political risks, changes to regulations affecting the Company's activities,
delays in obtaining or failure to obtain any required regulatory approval,
failure of equipment, uncertainties relating to the availability and costs of
financing needed in the future, the uncertainties involved in interpreting
drilling results and other geological, geophysical and engineering data,
delays in obtaining geological results and other risks associated with
exploration, development and production. Given these risks and uncertainties,
readers should not place undue reliance on forward-looking statements.

 

END

 

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