Sound Energy Announces Phase 1 Development LNG Agreement Extension

Source: www.gulfoilandgas.com 11/1/2021, Location: Africa

Sound Energy, the energy transition company, announces that Afriquia Gaz and Sound Energy have agreed an extension to the period during which the contractual conditions precedent to the Phase 1 LNG Sale & Purchase Agreement announced by the Company on 29 July 2021 (the "LNG SPA") are required to be satisfied until the 30 November 2021.

As announced on 29 July 2021, the LNG SPA is conditional upon fulfilment of certain conditions precedent and the extension now agreed is expected to allow those conditions precedent not yet satisfied, relating to the plant development contract, financing and remaining regulatory approvals to be documented contemporaneously.

Graham Lyon, Sound Energy's Executive Chairman, commented:

"Much work has been completed in the last months to conclude all conditions precedent to the LNG SPA in London, Rabat and Pescara. We are confident that all conditions precedent to the LNG SPA will be satisfied and FID and the 'Notice to Proceed' with Phase 1 development can be announced and all contracts executed."


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