Member Info for Ducati2

Bigbench……. We just need a little patience, it’s been a long hard slog!

GLA

Https://x.com/soundenergyplc/status/1803449340230316184?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet

The downgrade is the latest in a series of woes affecting the company which has been struggling with its debt load in the wake of loss-masking contracts and prior corruption scandals.

In April the company was forced to temporarily suspend trading in its shares due to a delay in the delivery of it full year report for 2023.

The firm also revealed it was in talk with lenders on an ongoing restructuring plan that would see it swap debt for equity.

Shareholders reacted to the potential wipe out of their equity with a significant sell off. The firm’s shares were restored to trading more than a month later.

Petrofac said it it had agreed a “forbearance” agreement with 41% of noteholders that it could wait to pay up “at least until 3o June” while it hammered out a deal. It added it would “seek to engage” with remaining lenders in coming weeks.

Fiction…….Get a grip, Drama Queen.

It gets Bad when the no share holders post more than the share holders. If you and your mate Kyle lost money move on. Ffs who cares what you both think and Kyle do you really need and try to become a key board warrior!!

Thanks for the advice!!

Look like it’s running……or a false start!

Looking like some shorts could be running……..How’s it looking Mav.

Ignore the back ground noise!

This transaction between Sound Energy PLC and Managem marks a significant step in the development of the Moroccan energy sector. It also underlines the importance of strategic partnerships and investments to expand natural gas production capacity in Africa. By strengthening its infrastructure and increasing production, Morocco is positioning itself to meet growing energy demand and reduce its dependence on gas imports.

https://energynews.pro/en/sale-of-sound-energy-plcs-moroccan-gas-assets-to-managem/

Should have sold his short at the year lows but again probably got greedy. Personal attacks in posts are really low. Definitely desperate!

Well the share price could be climbing slowly now. Kylie you are posting more now than shareholders. You could be short!

The longer Petrofac continues trading and no RNS releasing bad news, trading as normal. A lot of guess work ongoing. Shorts closing and share price rising. Well let’s see what today brings. Understand it’s expensive to hold a short.

Tweet

https://x.com/soundenergyplc/status/1802278964020322487?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet

The SBK well that was completed had nothing to do with Sound Energy, to get the well SBK-1 drilled and completed, had a peak rate of 4.4 MMscf/d and TE-5 had flow rates of 1.5 MMscf/d.

We all know the geology of the reservoirs tight and some cementation…..we need to carry out a horizontal drill on SBK-1 and fracking to achieve the best results. Just look at TE-5 before and after results!

AGIP first explored the Tendrara structure in 1966/67 drilling two wells, both proved gas bearing but were not fully tested. In 1983 the Moroccan National Oil Company (NOC), ONHYM (Office National de HydroCarbures et des Mines) further appraised the structure drilling a third gas bearing well. In 2000, MPE drilled SBK-1 in the adjacent Sidi Belkacem structure to further assess the Trias Argilo-Gréseux Inférieur ("TAGI") reservoir, which proved to be gas bearing and tested successfully.

In total seven wells have been drilled in the permit, five have been gas bearing and two have tested successfully. Of the two successful test wells SBK-1 had a peak rate of 4.4 MMscf/d and TE-5 had flow rates of 1.5 MMscf/d.

SBK-1 flowed gas to surface during testing in 2000 at a peak rate post acidification, but was not tested with mechanical stimulation. S

This strategic investment is anticipated to benefit Morocco in several ways. Imad Toumi, CEO of Managem Group, highlighted the acquisition’s potential to provide “clean and affordable energy for its industries,” while also contributing to the country’s energy independence and economic stability.

https://www.moroccoworldnews.com/2024/06/363271/managem-goes-green-acquires-sound-energy-morocco-for-clean-gas-future

The group is actively looking for other gas assets in Africa," Managem CEO Imad Toumi was quoted in the statement as saying.

Under the deal, Sound Energy will continue to hold a 20% interest in the Tendrara Production concession, and a 27.5% working interest in each of the Grand Tendrara Exploration Concession and the Anoual exploration permit.

https://www.reuters.com/business/energy/uks-sound-energy-plc-sells-moroccan-gas-assets-managem-2024-06-14/

Casablanca-listed Managem, which operates in six African countries, is controlled by the royal family holding company Al Mada.

As a Moroccan limited company working in the mining sector since 1930, Managem is a subsidiary of Al Mada - Positive Impact, a private equity pan-African investment fund. Al Mada is active in various sectors: Financial services, telecommunications, building materials, distribution, mines, energy, real estate and tourism.

Managem has been listed on the Casablanca Stock Exchange since 11 July 2000.

About Managem

Managem is an international mining group with resolutely African roots, with a presence in 7 countries across the continent. Initially present in metals such as cobalt, copper and zinc, it has since diversified into precious metals, with silver and gold. Today, Managem employs 5,009 people of 22 nationalities in 13 mining operations and 22 industrial units, all on the African continent.

Board Change

Following the signature by the Company of the binding SPA between Sound and Managem Simon Ashby-Rudd, a non-executive director of the Company, has informed the Board that he does not intend to put himself forward for re-election as a director of the Company at the Company's AGM to be held on 28 June 2024 ("AGM"). As a result, and with the transaction announced today providing the financial and operational security for the next stage of Sound Energy's development, Simon Ashby-Rudd will step down as a director of the Company at the Company's AGM to pursue other interests.

Background to and further details of the Farm-Out

The Company announced on 9 August 2022 that it had initiated a formal farm-out process to identify a partner for the Concession and the surrounding Permits. With the Company holding its assets in Morocco through various subsidiaries, the SPA, which remains conditional upon certain conditions precedent, will see the Company dispose of the entire share capital of SEME (the "Sale Shares"), a UK company holding the Operating licence position and equity in Morocco as below, for a sum of US$1:

o 55.0% of the Concession

o 47.5% of the Grand Tendrara Permit

o 47.5% of the Anoual Permit

Under the SPA, the Company has provided customary warranties and undertakings to Managem and, whilst the terms of the SPA are binding on the parties, the SPA remains conditional upon, inter alia:

· Approvals by ONHYM and the Moroccan Minister of Energy of the Company continuing as the Operator of record of the Concession and the Permits notwithstanding the sale of the Sale Shares at completion;

· Antitrust clearances being received;

· Receipt of the written authorisation of the Foreign Exchange Office (Office des Changes) relating to Managem's payment obligations;

· Confirmation in writing by the Seller to the Buyer that no Material Adverse Change has occurred;

· Approval of ONEE of the change of control of the Company pursuant to the ONEE GSA;

· Removal of Sound Energy Morocco SARL AU as dormant subsidiary of SEME;

· Approval by Schlumberger in accordance with the terms of Schlumberger's profit-sharing deed in respect of the Concession or Managem negotiating and entering into an agreement with Schlumberger for the cancellation of the profit-sharing deed;

· Extension of the Start Date/Deemed Start Date as defined in the LNG GSA;

· Delivery of Completion accounts and Assurance Release Conditions; and

· The approval of Managem's board of directors by 12 July 2024.

In the year to 31 December 2023, SEME recorded a Profit before tax of £1,301,000 on no revenues and, at 31 December 2023, had total assets of £56,976,000.

Commenting, Graham Lyon (Executive Chairman of Sound Energy) said:

"We are very pleased to have entered into this binding Share sale to an excellent counterparty Managem SA. The share sale transaction of our UK company subsidiary, the Permits Owner, is structured to allow a smooth transition to Managem whilst bringing Sound Energy two new exciting exploration drills, substantial funding for the phase 2 development and past costs. There is also a production bonus once Phase two gas is delivered".

About Managem

Managem is an international mining group with resolutely African roots, with a presence in 7 countries across the continent. Initially present in metals such as cobalt, copper and zinc, it has since diversified into precious metals, with silver and gold. Today, Managem employs 5,0

Sound Energy plc

("Sound Energy" or the "Company" and together with its subsidiaries the "Group")

Moroccan Assets: Binding agreement for the sale of share capital of Sound Energy Morocco East Limited

Board Change

Sound Energy (AIM: SOU), the transition energy company, is pleased to announce the entry into a binding Sale and Purchase agreement for the partial divestment of the Company's Moroccan assets (the "SPA") by way of the disposal by the Company of the entire issued share capital of Sound Energy Morocco East Limited ("SEME") to Managem SA ("Managem") for a total value to Sound Energy of up to US$45.2 million.

Key Highlights

· Pursuant to the SPA, Sound Energy will continue to hold an interest of 20% in the Tendrara Production Concession (the "Concession"), and 27.5% working interests in each of the Grand Tendrara Exploration Concession (the "Grand Tendrara Permit") and the Anoual Exploration Permit (the "Anoual Permit" and together with the Grand Tendrara Permit, the "Permits").

· Managem will provide funding for Phase 2 development of the Concession, funding for two exploration wells in satisfying the work programmes under the Permits, a contingent production payment and recovery of past expenditures.

· Sale of the entire share capital of SEME with an effective date of 1 January 2022, pursuant to which Managem will acquire the following interests in the Group's Moroccan assets:

o 55.0% of the Concession (Sound Energy to retain 20% interest)

o 47.5% of the Grand Tendrara Permit (Sound Energy to retain 27.5% interest)

o 47.5% of the Anoual Exploration Permit (Sound Energy to retain 27.5% interest)

· SPA consideration payable to and on behalf of the Group includes:

SPA consideration payable to and on behalf of the Group includes:

o US$12.0 million in Concession Phase 1 development back costs through to July 2024 net to a 55% interest in the Concession and payable to the Group in cash on completion.

o US$1.0 million in back costs in respect of Concession Phase 2 development and Permits back costs payable to the Company in cash on completion.

o Up to US$24.5 million net carry through Managem funding of the Group's remaining 20% interest in future Concession Phase 2 development.

o Contingent consideration of US$1.5 million payable to the Group no later than one year after first gas from Concession Phase 2 development.

o US$3.6 million net carry through funding the Group's remaining 27.5% Grand Tendrara Permit interest in drilling exploration well SBK-1.

o US$2.6 million net carry through funding the Group's remaining 27.5% Anoual Permit interest in drilling exploration well M5.

Background to and further details of the Farm-Out

The Company announced on 9 August 2022 that it had initiated a formal farm-out process to identify a partner for the Concession and the surrounding Permits. With the Company holding its assets in Morocco thro

Something happened at 15:00 yesterday, was that news of payments had been made so as Apothecary says business as usual nothing to report.

But as usual all a guessing game with PFC, let’s see the opening price this may give some indication. I don’t like an RNS on a Friday call me superstitious it the bad news day!