LONDON (Alliance News) - Europe and Mediterranean-focused upstream oil and gas firm Sound Energy PLC on Thursday said it has secured a non-binding expression of interest from Oil & Gas Investment Fund for development funding at the Tendrara licence offshore Morocco.
Oil & Gas Investment Fund is Sound's partner on the Tendrara licence.
It has expressed an interest in funding, building and operating a new pipeline which would connect Tendrara to the Gazoduc Maghreb Europe pipeline, the estimated cost of which is USD50.0 million.
"We are very pleased to have received this first expression of interest which potentially enables us to construct the infrastructure which would be required at Tendrara without equity dilution, whilst also further broadening our strong partnership with OGIF," said James Parsons, chief executive of Sound Energy.
Sound shares were up 8.6% to 22.00 pence Thursday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Sound Energy (SOU)