31 August 2021
Sound Energy plc
("Sound Energy", the "Company" and together with its subsidiaries the "Group")
Completion of Acquisition
Sound Energy plc, the Moroccan focused upstream gas company, is delighted to announce the completion of the Company's acquisition, as announced on 14 June 2021, from Schlumberger Holdings II Limited (the "Seller") of the entire issued share capital of Schlumberger Silk Route Services Limited ("SSRS") (the "Acquisition").
SSRS holds a 27.5% participating interest in the Anoual and Greater Tendrara exploration permits in Eastern Morocco (the "Exploration Permits"), together with a 27.5% indirect interest in the Tendrara Concession (the "Concession") through its contractual relationship with the Group. Sound Energy plc now controls operated working interests of 75% in the Exploration Permits and in the Concession.
Commenting, Graham Lyon (Executive Chairman) said:
"This accretive transaction has now completed and underlines Sound Energy's position as the leading gas developer in Morocco. Following the recently announced Gas Sales Agreement with Afriquia Gaz, Sound Energy is now moving inexorably forward to the Final Investment Decision for its Micro LNG project."
For further information please contact:
Vigo Consulting - PR Adviser
Tel: 44 (0)20 7390 0230
Graham Lyon, Executive Chairman
Cenkos Securities - Nominated Adviser
Tel: 44 (0)20 7397 8900
SP Angel Corporate Finance LLP - Broker
Tel: 44 (0)20 3470 0470
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (as transposed into the laws of the United Kingdom) (MAR). Upon the publication of this announcement, this inside information is now considered to be in the public domain.