12 November 2019
Sound Energy plc
("Sound Energy" or the "Company")
Succession Planning and Board Changes
Sound Energy, the Moroccan focused upstream gas company, is pleased to provide a further update on Board changes as it continues to make preparations for the forthcoming potential partial divestment of Eastern Morocco Portfolio.
As previously announced on 7 November, the Company has entered the final phase of the marketing process for its Eastern Morocco Portfolio which, on completion of the transaction, is expected to result in it handing over operatorship of its Eastern Morocco Portfolio to a third party and becoming a fully carried, non-operating company.
It was announced by the Company on 14 August 2019 that James Parsons, the Company's Chief Executive Officer, had agreed to remain in his current role whilst the Company continued to explore monetisation options available to the Company in respect of its Eastern Morocco Portfolio. Consistent with the proposed transaction structure where the executive responsibility for operating the Eastern Morocco Portfolio is expected to move to a third party, James Parsons and Simon Davies have confirmed their decision to leave the Company. Mr. Parsons will relinquish his executive duties and step down from the Board once his successor has been appointed to the Board but will remain available to the Company thereafter, in a consultancy role, until 12 May 2020 in order to assist with the completion of the transaction announced on 6 November 2019 and also to ensure an orderly handover of his duties. Mr Davies will also stand down from the Board, in this case with immediate effect due to unexpected health reasons.
The Company announces that it intends to appoint Mohammed Seghri, currently Managing Director Morocco, to the Board, initially as acting Chief Executive, in the near future and after the Company completes the formal procedures relating to his proposed appointment. The Company has also appointed Marco Fumagalli, Non-Executive Director, as acting Chairman with immediate effect and the Board will shortly commence a process to identify and appoint an independent, Non-Executive Chairman in due course.
Marco Fumagalli, acting Chairman, commented:
"Following the recent exclusivity award on the potential partial divestment in Eastern Morocco Portfolio, I am pleased to confirm our orderly handover of executive responsibilities for this next important phase of our development. I would like, on behalf of the Board, to thank Simon and James for their stewardship over the years."
For further information please contact:
Vigo Communications - PR Adviser
Tel: 44 (0)20 7390 0230
Cenkos Securities - Nominated Adviser
Tel: 44 (0)20 7397 8900
RBC - Joint Broker
Tel: 44 (0)20 7653 4000
Macquarie Capital (Europe) Limited - Joint Broker
Tel: 44 (0)20 3031 2000
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.