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1.80 0.00 (0.00%)

Bid:

1.70

Ask:

1.90

Spread: 0.20 (11.765%)

Market Cap: £4.11m

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IN BRIEF: Sound Energy gets government approval for Moroccan disposal

Tue, 22nd Oct 2024 10:17

Sound Energy PLC - gas development projects in Morocco - Secures Moroccan government approval for the sale of its Moroccan assets to local company Managem SA. Sound Energy on Monday confirms it has received formal approval from the minister of Energy Transition & Sustainable Development for the sale of Sound Energy Morocco East Ltd, the holder of the assets. The approval allows the subsidiary to continue as the operator of the Tendrara exploitation concession and of the Anoual and Grand Tendrara exploration permits following its transfer to Managem. The deal for USD45.2 million was first announced back in June. Sound Energy will continue to hold 20% of the Tendrara production concession and just under 28% working interests in each of the Anoual and Grand Tendrara exploration permits. Some deal conditions remain, and Sound Energy says it will make further announcements.

Current stock price: 0.80 pence, down 5.3% in London on Tuesday

12-month change: down 2.2%

By Tom Waite, Alliance News editor

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