Sound Energy Announces Report for the 6M Ended 30 June 2020

Source: www.gulfoilandgas.com 9/11/2020, Location: Africa

Sound Energy, the Moroccan focused upstream oil and gas company, announces its unaudited half-year report for the six months ended 30 June 2020.

Operational and Corporate Highlights
- Liquefied Natural Gas (''LNG'') Heads of Terms signed with a leading Moroccan Energy Group
- Environmental Impact Assessment ("EIA") approvals for 120-kilometre, 20-inch pipeline and gas treatment plant/compression station received in January 2020 and March 2020 respectively
- Successful renegotiation of the terms of the Anoual exploration permit in July 2020

Financial Summary
- Structural reduction in administrative expenses by 57% compared with H1 2019
- Total Cash balances as at 30 June 2020 of £4.2 million
- Equity placing to raise gross proceeds of £1.5 million at 2 pence per ordinary share announced in December 2019 and completed in January 2020
- Equity placing post period end to successfully raise additional £3.2 million after costs at 2.125 pence per ordinary share in August 2020
- Continued focus on disciplined cost and cash management


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