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(Sharecast News) - Morocco-focussed upstream gas company Sound Energy announced on Monday that it has received the first sale proceeds from the sale of the Badile land, totalling €0.18m (£0.15m) net of fees.
The AIM-traded firm had announced in August that its former Italy subsidiary Apennine Energy had entered into a pre-sale agreement with a buyer, under which Apennine agreed to sell the area of land on which the Badile exploration well was drilled in 2017.
Under the terms of the agreement, the sale of the land would proceed in two independent stages, being an initial sale of 'area one', on which no restoration works were required to be undertaken, and the subsequent sale of 'area two', which remained subject to required restoration works being carried out and certified.
The restoration works on area two were pending a decision of local authorities as to the proposed scope of action.
"Apennine has now concluded the sale of area one of the Badile land, and Sound Energy has received sales proceeds of €0.18m net of administrative, agency and legal fees," the board said in its statement on Monday.
"It is anticipated that conclusion of the sale of area two, for a consideration of €0.35m, will conclude later this year."
At 1259 GMT, shares in Sound Energy were flat at 1.36p.
24 May 2016 08:51