Member Info for fraserd

Yeah waiting for government approval, they'll be keen and it was shown to them before but it still has to go through the correct procedures. No chance they'll pressure for someone else, they're as desperate for the gas as Chariot are.

Time will tell indeed but painful if you're holding in the meantime.

If it's a decent IR team they're waiting until it's bottomed and getting everything lined up for a counterattack starting with the onshore. Energean said they were hoping for approval of taking over operatorship soon and that point the offshore rig contract can be signed. Seem like a good outfit to me, haven't overpromised on their other N African assets and they've got some bid potential. Wanted Morocco to diversify risk and because of existing pipeline to Europe and very advantageous gas prices.

Doesn't help in the meantime though when nobody wants to buy :)

Death by a thousand cuts here.

Just listened to last week's Energean results though as he was extremely positive about Morocco even though it's small fry to them "we will move extremely fast".

I think he meant he became full time staff in 2020, which is accurate.

He's the news editor at proactive so not just an uninformed contributor. You should be careful regarding the way you refer to people on the internet.

Apparently the negotiations are for a semisub for Q2 next year, those are negotiations though. Long lead items already delivered.

Thanks

Hi

Does anybody have the broker note or know which one it was that said the offshore drilling would likely be in q2? Many thanks.

Subsea 7 has kept Anchois on its target project list this morning

22.5%

US $20m

Carried to first gas with development drilling to include two offshore expro wells

Well there's definitely a seller, wornder if it's one of those two funds that bought in recently.

IR doing a sterling job of supporting things by polising up the old school tie as ever.

And Chariot PR should have opened with exactly the same this morning but as usual they've done nothing. Hard to come up with a company with less proactive investor info.

Https://african.business/2023/07/apo-newsfeed/chariot-green-hydrogen-chief-executive-officer-ceo-to-speak-at-msgbc-oil-gas-power-2023

They're getting about $20m in back costs.

Thanks. Still nothing from HL, ho hum.

Anybody hear from their broker today? Nothing from Hargreaves Lansdown...

They said $3m per well with four planned. Existing spare capacity on infrastructure so just cheap pipelines to tie in.

Good profitable add on opportunity but bad timing.

I'm sure that fraser is a top notch fella so it saddens me to say it's not me.

Yep unfortunate timing. They had to cover both onshore drilling and decent cash balance to complete negotiations simultaneously. Lot of gas around that SDX acreage in the Rharb though and as the new SDX gas sales agreement showed there's a lot of demand, could probably drill and produce within a year given existing 3D and past exploration.

Don't think it was their preference to do it this way but needs must. Will be drilling this year with a couple of rigs available nearby and hopefully we will have public info on Anchois soon, feel we may surprised by the final candidate.

Sound Energy plc

("Sound Energy" or the "Company")

Project Finance Update

Attijariwafa bank conditioned project financing offer of up to US$237 million, the first of its size for a gas field development in Morocco

Sound Energy (AIM: SOU), the transition energy company, is pleased to provide an update in relation to the project debt funding for the phase 2 development of the Tendrara Production Concession and announces the receipt of a conditioned offer made by Attijariwafa bank.

Project Debt Funding

The Company announced on 23 June 2022 that it had entered into an Arrangement and Mandate letter (the "Mandate") with Attijariwafa bank (the "Arranger"), a Moroccan multinational bank and one of the leading banks in Morocco, under which the Company mandated the Arranger in relation to the arrangement of project debt financing for the Phase 2 development of Sound Energy's Tendrara Production Concession (the "Agreement").

Under the Agreement, as amended and extended, the Arranger was mandated to arrange a long-term project senior debt facility with a term of no more than 12 years of up to 2.250 billion Moroccan dirhams.

The Company is pleased to announce that the Company, on behalf of the Tendrara Production Concession partners, have now received a conditioned offer from the Arranger for a maximum financing of MAD 2.365 billion (c.US$237 million), proposed to be 100% underwritten by the Arranger, subject to the conditions precedent to the conditioned offer being satisfied prior to 30 September 2023 (the "Conditional Offer").

Material terms of the Conditioned Offer

• Borrower: A to be newly incorporated Tendrara Production Concession partner special purpose vehicle incorporated under Moroccan law (the "Borrower").

• Loan amount: MAD 2.365 billion (approx. US$237 million) subject to a maximum gearing level of 65%.

• Term: 12-year term including 2 year grace period from first drawdown.

• Security: Customary security package over Borrower and Tendrara Production Concession.

• Interest rate: Optionality provided to the Borrower to select from fixed rate, variable and fully floating alternatives with at customary margins for hydrocarbon infrastructure development project financing facilities.

• Use of loan proceeds: Design, drilling, construction and operation of wells, a treatment facility (CPF) and a gas pipeline (from CPF to GME) to transport and sell the natural gas produced under the Tendrara Production Concession to the ONEE, as well as all related activities.

• Conditions Precedent to the Conditional Offer:

o Governmental and Ministerial approvals.

o Tax authority clearance of loan structure.

o Amendment of certain Governance documents to lenders satisfaction.

o Amendment of Gas Sales Agreement to lenders satisfaction.

o Conclusion of Pipeline interconnection agreements to the lenders' satisfaction.

o FEED update to len

I think the most recent gas sales agreement was by SDX earlier this month. They previously had all their deals at $10 to $12 but negotiated higher a few weeks ago.