Sound Energy Announces Half-Year Report for Six Months Ended 30 June 2021

Source: 9/16/2021, Location: Africa

Sound Energy, the Moroccan focused upstream gas company, has announced its unaudited half-year report for the six months ended 30 June 2021.

- Development of the Tendrara Production Concession
- Advancement of Phase 1 Micro LNG engineering and commercial gas sales contracts
- Post period execution of conditional LNG sales agreement with Afriquia Gaz
- The agreement covers a 10 year Take or Pay liquefied natural gas sale and purchase at Tendrara
- Advanced negotiation on $18 million loan from Afriquia Gaz, a condition precedent, to be satisfied by 29th October 2021
- Progressed discussions with Italfluid, Micro LNG facilities provider on Lease to Own facilities and Operations and Maintenance contract

- Advancement of Phase 2 pipeline development discussions on long term take or pay gas sales agreement

Exploration and growth
- Post period Anoual exploration permit extended for a further year

- Post period completion of acquisition of Schlumberger Silk Route Services Limited

- Successful restructuring of €28.8 million corporate loan notes in April 2021

- Reduction in administrative expenses by approximately 40% compared with 2020

- Receipt of circa €183,000 first payment for disposal of Badile land in Italy

- Post period equity subscription by Afriquia Gaz of £2.0 million

Graham Lyon, Executive Chairman said:
'A huge amount of work has been completed so far this year and much remains to be concluded during the remainder of 2021. Having secured a long-term LNG sales agreement with Afriquia Gaz, we have established a route to market for our gas and following completion of the proposed $18M loan from Afriquia Gaz, the Company will have financing for the Sound Energy share of the Phase 1 development. With important catalysts to come in the near term, I look forward to updating shareholders further as we progress towards the development phase of the project and to becoming a revenue generating business. I would like to thank all our staff, contractors, partners, noteholders, shareholders and other stakeholders for their commitment and support. I feel confident that Sound Energy is moving in the right direction and is building a business that will deliver real value for our investors by playing our part in fuelling the energy transition.'

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