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Update re Tendrara Gas Sales Agreement MOU

Source: 4/1/2020, 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'Electriciteet 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, as amended in January 2020, 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 31 March 2020.

The Company confirms that GSA negotiations continue and announces that it is in the process of agreeing a further amendment to the MOU with ONEE in order to extend the period for negotiations of the final GSA to 30 June 2020 (the "Amendment").

Whilst the Amendment has been agreed in principle, COVID-19 related travel restrictions have meant that it has not yet been possible for the parties to enter into the Amendment and, as a result, the parties intend to enter into the Amendment as soon as is practicable

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