Sound Energy, the company actively developing the Tendrara gas field in Morocco, recently secured an extension for its Anoual petroleum exploration license, another of its assets in the country.
Strategic Divestment to Managem
On Friday, June 14th, Sound Energy officially announced its decision to divest a portion of its interests in Moroccan assets. This includes the Tendrara gas field, as well as the Grand Tendrara and Anoual gas exploration permits, to the mining company Managem.
Transaction Details
Under a binding sale and purchase agreement (SPA) valued at $45.2 million, Managem will acquire a 55% stake in the Tendrara gas field, 47.5% of the Grand Tendrara permit, and 47.5% of the Anoual exploration license.
Sound Energy Retains Significant Interests
The terms of the deal stipulate that Sound Energy will retain a 20% stake in Tendrara, along with 27.5% direct interests in both Grand Tendrara and Anoual. This transaction, subject to regulatory approvals, marks the culmination of two years of discussions by Sound Energy with potential partners.
Funding for Future Development
With a targeted completion date of July 12, 2024, this deal is expected to unlock “substantial funding to support the development of Phase 2” of the Tendrara gas project, among other initiatives.