Sound Energy PLC - Morocco-focused upstream gas company based in Sevenoaks - Says its Italian former subsidiary Apennine Energy SPA has agreed to sell the area of land upon which the Badile exploration well was drilled in 2017.
In 2018, Sound Energy sold its former Italian portfolio Sound Energy Holdings Italy Ltd to Coro Energy. Apennine is a wholly-owned subsidiary of Coro. As part of the sale, Coro agreed to restore and sell the Badile Land and to give any net proceeds from the sale back to Sound Energy.
On Thursday, Sound Energy said the Badile land will be sold to an unnamed buyer for a total amount to EUR650,000, adding that it will receive net proceeds EUR600,000
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By Ife Taiwo; ifetaiwo@alliancenews.com
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Sound Energy (SOU)
Coro Energy (CORO)