The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
Tue, 30th Nov 2021 07:00
RNS Number : 9428T
Sound Energy PLC
30 November 2021
30 November 2021
Sound Energy plc
("Sound Energy", the "Company" and together with its subsidiaries the "Group")
Gas Sales Agreement: Phase 2 Tendrara Development
Sound Energy, the Moroccan focused upstream gas company, is delighted to announce that it has entered into a binding gas sale and purchase agreement (the "GSA") in respect of the Phase 2 development of the Tendrara Production Concession with Morocco's state-owned power Company ONEE (Office National de l'Electricite et de l'Eau potable) for the sale of natural gas from the Tendrara Concession in Eastern Morocco over a 10 year period.
The Company has entered into the GSA, which is in addition to the conditional Phase 1 micro liquified natural gas TE-5 Horst development related gas sales agreement entered into by the Company with Afriquia Gaz and announced by the Company on 29 July 2021, alongside its state-owned Tendrara Production Concession partner ONHYM (Office National des Hydrocarbures et des Mines and together with the Group the "Tendrara JV Partners").
Under the GSA, the Tendrara JV Partners have conditionally committed to producing, processing and delivering gas from the Tendrara Production Concession, in accordance with required ONEE gas specifications, to the Gas Maghreb-Europe pipeline connecting Algeria to Spain and crossing Morocco (the "GME Pipeline"), for an annual contractual volume up to 350 million cubic meters of natural gas per year for a period of 10 years, with an annual take or pay volume of 300 million cubic meters.
The GSA includes a fixed unitary price for the annual volume of 0.3 bcm per annum (approximately 29.0 MMscf/d or a minimum amount of energy of approximatively 10.5 million MMbtu per annum to be delivered at the point of sale), which will result in annual gross revenues attributable to the Tendrara concession (100%) as envisaged in the original binding memorandum of understanding between the parties announced by the Company on 30 October 2019
The GSA is conditional upon, inter alia: (i) all necessary authorisations and permits having been granted for the construction of the Phase 2 gas installations (ii) the final investment decision, when taken, by the Tendrara JV Partners, being approved by the Moroccan Ministries of Transition Energy and Sustainable Development and Economy and Finance; and (iii) the entry by the Tendrara JV Partners of an interconnection agreement with the operator of the GME Pipeline, and the commencement of works, for the connection of the Tendrara Production Concession to the GME Pipeline. The conditions to the GSA are required to be satisfied within 90 days of signature, however an extension is allowable with the consent of all parties.
Graham Lyon, Sound Energy's Executive Chairman, commented:
"The agreement of the GSA is an important and long-awaited step
Tillywiz
I posted this last evening which do you think it was.
495,000 1707 £143,550,00 SHOWN AS 'SELL' on ADVFN. on Eurasia website it is shown as 'BUY' !!
Could it be a MIA Kipper
I am sure it will become clear in the morning when the Tilly /JTMacs have deciphered it.
GLA LTH's
495,000 1707 £143,550,00 SHOWN AS 'SELL' on ADVFN. on Eurasia website it is shown as 'BUY' !!
Could it be a MIA Kipper
I am sure it will become clear in the morning when the Tilly /JTMacs have deciphered it.
GLA LTH's
It just caught my eye from 'AST' BB, although accepting that the article (published 2017) has probably already been read by many other LTH's already, the similarity to 'The SOU story' at this point is, in my personal opinion, at least topical and food for thought whichever side of the coin it is read from.
https://www.guerillainvesting.co.uk/2017/11/30/ascent-resources-clive-blames-6-week-shag-6-years-failure/
I remain a LTH holder since before JP came on board and will still be here to see what evolves in the months/years ahead.
WTFDIK
As a LTH since pre JP' tenure and still continuing to hold my investment I would like to add my thanks to Exploration for his postings on this BB.
Whether the sources have been gleaned from personal insight or in some instances copied from previously published articles I have found that they have all added to my understanding of the many and varied historical and current views on the geology in situ of our Moroccan licences.
Working Link to yesterday's FSC Q & A
https://yoursoundenergy.com/app/qa-chat
Previous sessions ->
JHaylock - Thanks this was the podcast that I was referring to
Woodrow - Looking back at a pre drill TE-9 RNS the graphs show the share price was around 39-40
All the best to all other 'underwater' LTH's Where there is life there is hope!
I recollect that there was an audio podcast by JP prior to TE-9 around middle of October 2018 which I would be interested in hearing again. I have been on the company website 'video & audio library' but cannot find any link to it. Does anyone have any idea as to whether it was part of the removal program or if not point to a current link.
Any relevant information will be appreciated, thanks LTH.
For the visual and informative CT topic thank you Exploration and of course all other informed posters who added to the subject. More of this sort of postings and less of the unrelated dross would make the waiting much more tolerable.
Just read what I assumed was a flippant remark over on Facebook made in response to the 'informal pint' tweet, that it could be JP's leaving do. Seeing as most opinion on here now points to a successful TE-10 and a closer than previously perceived LE event might there be any credence to this. Would be interested in other LTH's views
https://www.proactiveinvestors.co.uk/companies/news/212026/sound-energy-shares-soar-on-latest-tendrara-well-success-212026.html
Further favourable reaction.
https://www.youtube.com/watch?v=uzvWRcbLbI4&feature=youtu.be
https://www.youtube.com/watch?v=f2udDZLi4Ng&feature=youtu.be