Update for Tendrara Gas Sales Agreement MOU

Source: www.gulfoilandgas.com 1/2/2020, Location: Africa

The Company announced on 30 October 2019 that it had, in relation to ongoing negotiations in respect of a Gas Sales Agreement for the sale of natural gas production in the Tendrara concession in Eastern Morocco (the GSA), entered into a binding memorandum of understanding (the "MOU") with Morocco's Office National de l'Electricite et de l'Eau Potable ("ONEE"), the state power company of Morocco, on behalf of its partners, including Morocco's L'office National des Hydrocarbures et des Mines.

Under the MOU the parties have agreed to use their reasonable endeavours to continue negotiations with a view to entering into a binding GSA, incorporating the key terms of the MOU announced on 30 October 2019 and construed under Moroccan law, prior to the end of calendar year 2019.

The Company confirms that GSA negotiations continue and announces that it is in the process of agreeing an amendment to the MOU with ONEE in order to extend the period for negotiations of the final GSA to 31 March 2020 (the "Amendment"). Following an agreement in principle, the parties intend to enter into the Amendment as soon as is practicable.

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