23 January 2018
Sound Energy plc
("Sound Energy" or the "Company")
Receipt of Final Resources Certification
Directorate Change and Succession Planning
Sound Energy, the North African and European gas company, is delighted to confirm that it has now received the final results of the resources certification in relation to the TE-5 horst core volumes at the Company's Tendrara asset, onshore Morocco (the "Final Certification"). The Final Certification, as expected, is entirely consistent with and confirms the preliminary results of the certification announced by the Company on 20 December 2017.
The Company also advises that Stephen Whyte, the Company's Non-Executive Chairman, has stepped down from the Board to allow him to spend more time on his recently increased portfolio of other Non-Executive Director companies. Mr. Whyte has resigned as a director of the Company with immediate effect but will remain an adviser to Sound Energy until 31 March 2018.
Richard Liddell has been appointed as Sound Energy's Non-Executive Chairman with immediate effect and will also become the Chair of the Company's Remuneration and Nominations Committees.
Mr. Liddell has been a Non-Executive Director of the Company since September 2015 and has over thirty-five years' experience in the oil and gas industry. Richard served on the board of Falkland Oil and Gas from 2005 to 2015 initially as a Non-Executive Director and, latterly, as Chairman. He was Operations Director of Premier Oil from 2000 until 2003 and prior to that spent three years as Director of Development at BG Exploration and Production.
In anticipation of the Company's medium term development plans, and to ensure that the Company's leadership is augmented suitably over time, the Board, led by the Nominations Committee, will undertake a formal review of succession planning and commence a process to identify and appoint additional Non-Executive Directors to the Board. The Board has also confirmed with James Parsons, the Company's Chief Executive Officer, that he will continue in his current role for the next 12 to 18 months.
Further announcements will be made, as appropriate, in due course.
Richard Liddell, Sound Energy's Non-Executive Chairman, commented:
"I am delighted with our resources certification, which confirms our internal estimates of the scale of our Eastern Morocco discovery and positions us for rapid progress on the Gas Sales Agreement and development funding solutions.
2018 is a critical year for Sound Energy as we continue to build our onshore gas business around the play-opening TAGI and Paleozoic reservoirs in Morocco. Whilst it is disappointing to lose Steve from the Board, we wish him well and understand his commitments elsewhere."
Stephen Whyte, Sound Energy's former Non-Executive Chairman, commented:
"It has been a huge pleasure to work with James and the team and to participate in Sound's exciting journey in Morocco. The resources certification is a huge milestone for the Company and I wish them every success in the future and look forward to maintaining my relationships with a number of the Sound Energy directors in connection with our other mutual board appointments."
This announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
For further information please contact:
Vigo Communications - PR Adviser
Tel: 44 (0)20 7830 9700
James Parsons, Chief Executive Officer
Smith & Williamson - Nominated Adviser
Tel: 44 (0)20 7131 4000
RBC - Broker
Tel: 44 (0)20 7653 4000