Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
Personally I think the change of stance regarding the tax issue and phase 2 development be more down to onym and gaining leverage to cancel the demand. The tax authorities wouldn't go away if they knew phase 2 was happening and tens of millions of dollars would be going into sounds bank account.
And the price remains the same so I doubt it's a straight sell. Updates by Friday whether it's further delays or not.
You have to appreciate that this is a first for Morocco, road transportation of LNG from the outback involving the British license holders and Italian service providers, hopefully enough has been done for a simple electronic signature.
Obviously you have never landed a multi million pound business transaction before, face to face, the only way these deals work.
The LNG SPA is conditional upon fulfilment of certain conditions precedent including:
· The approval of the LNG SPA by the Concession joint venture;
· The execution of a loan note agreement between the Company (as borrower) and Afriquia (as lender) setting out the terms of an US$ 18 million secured loan with a 6% annual coupon and a 12 year term;
· The execution of a project contract with Italfluid Geoenergy S.r.l (Italfluid) for the provision of a gas processing and liquefaction facility relating to the Phase 1 Development;
· Receipt by Afriquia of regulatory approvals for the transportation of LNG by tankers and the sale of LNG; and
· Afriquia having secured in principle agreement from downstream buyers to purchase not less than 60% of the Annual Take or Pay Quantity under the LNG SPA
such conditions to be satisfied by 29 October 2021.
Execution of Equity Subscription Agreement
London South East
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Phase 1 LNG Gas Sales Agreement & Issue of Equity
Thu, 29th Jul 2021 07:00
RNS Number : 8359G
Sound Energy PLC
29 July 2021
29 July 2021
Sound Energy plc
("Sound Energy" or the "Company")
Phase 1 Development LNG Sale & Purchase Agreement and Equity Subscription
Sound Energy, the Moroccan focused upstream gas company, is delighted to provide the following update in relation to the Company's micro liquified natural gas ("mLNG") phase 1 development plan for the TE-5 Horst development (the "Phase 1 Development") at the Tendrara Production Concession (the "Concession").
Highlights
· Ten (10) year take or pay LNG sale and purchase agreement entered into with Afriquia Gaz
· £2 million equity placing with Afriquia Gaz cementing the strategic alignment with Sound Energy PLC
· Improved envisaged Afriquia Gaz loan note financing terms
Graham Lyon, Sound Energy's Executive Chairman, commented:
"We are delighted to announce the signature of a binding ten year LNG sales agreement for the Phase 1 development covering the sale of not less than 100 million cubic metres of gas in a liquified form per year. In addition, the execution of the previously announced equity subscription agreement and the £2 million equity placing cements the strategic alignment between Sound Energy and Afriquia Gaz. This is a key milestone in moving forward towards the final investment decision and notice to proceed for the Tendrara Phase 1 Development.
In recognition of the alignment between Sound Energy and Afriquia Gaz, I am also pleased that we announce today that the parties are working towards improved terms in relation to the Afriquia Gaz loan note upon which the LNG sale and purchase agreement is, inter alia, conditional. We plan to conclude this loan note ahead of finalising the contract to construct the plant.
By establishing clear paths
News either way before end of the month as per previous RNs relating to phase I. Not long to go now or another bl00dy extension.
PS couldn't find the positive on a battery :-) with the current shortage of gas with economies switching to renewables I believe phase 2 will happen sooner than we think.
If I got a pound everytime I heard that I could retire :,-)
Google Chrome will translate but agree we have turned a corner and on a path JP should of took 5 years ago.
Buys were showing as sales yesterday. Nice to see trading volume up.
Hope you and your wife are keeping well Mr GB, still here waiting for tendrara to be unlocked and get a decent return after all of the lies JP spewed out. He took the no risk to himself path with the company. Hopefully Graham will develop the asset for the shareholders this time.
Another JV on the cards PS now Schlumberger are not a percentage license holder.
Hi Nick, same here for me, hopefully some great news flow to start. Unfortunately I can't make it for various reasons but hopefully we will get a video or a transcript of the Q and A session.
If you think the Horst is the only commercial gas accumulation in our license then you are very much wrong. It's going to take a bit of patience to realise the multi TCF reserves, GLA.
SOUND ENERGY SHAREHOLDER LIVE Q AND A SESSION
divider
Event to be held at the following time, date and location:
Wednesday, 15 September 2021 from 17:45 to 20:00 (BST)
20 St Dunstan's Hill
20 Saint Dunstan's Hill
London EC3R
United Kingdom
Execution of Equity Subscription Agreement
In addition, the Company is pleased to also announce, subsequent to its announcement on 29 June 2020, that it has entered in an equity subscription agreement with Afriquia pursuant to which Afriquia has made a £2.0m subscription to the Company in consideration for which the Company has today issued for 159,731,651 new ordinary shares in Sound Energy at a price of 1.2521 pence per new ordinary share to Afriquia.
Application will be made for the 159,731,651 new ordinary shares, which will rank pari passu with the Company's existing ordinary shares, to be admitted to trading on AIM ("Admission'). Dealings in the new ordinary shares are expected to commence on or around 8:00a.m. on 4 August 2021.
Which year though ????
PS, Graham alluded to another partner for phase 2, I suggest you watch the video again, it's only 7 minutes long and fully digest what is being said.
StMary, I think breaking even here would be a bonus, if it wasn't for the ongoing tax issue we would be in the 6p plus trading range.