Sound Energy Announces Half Yearly Report for the Six Months Ended 30 June 2022

Source: 9/7/2022, Location: Africa

Sound Energy, the transition energy company, announces its unaudited half-year report for the six months ended 30 June 2022.


Development of the Tendrara Production Concession (the ''Concession'')
- Phase 1 Micro LNG project (''Phase 1'')
- Signing of the Notice to Proceed in February 2022
- Initial drawdown of the Loan Note subscription with Afriquia Gaz in February 2022
- Site preparation activities at the Tendrara TE-5 Horst commenced in March 2022
- Phase 1 first LNG delivery expected year end 2023

- Phase 2 (pipeline) development (''Phase 2'')
- Announced Gazudoc-Mahgreb Europe (''GME'') pipeline interconnection agreement with ONHYM in March 2022
- Appointed Attijariwafa Bank, Morocco's largest bank, as exclusive lead arranger for the senior debt financing in June 2022

Post period end
- In August 2022, the Company launched a farm-out process in both the Concession and in the underexplored but prospective surrounding exploration permits in the Tendrara basin

- The purpose of the farm-out process is to secure an ambitious strategic partner for the Concession, and further exploration and appraisal of the Company's exploration permits in the Tendrara basin

- Identification and high grading three potential near term subsalt drilling opportunities where, importantly, any future discoveries have the potential to be commercialised through the planned infrastructure of Phase 2

- Successful equity raise of £4 million (before expenses) in June 2022

- Company considering its options following rejection by Moroccan tribunal of Sound Energy Morocco East Ltd's request for approximately $2.55m tax claim to be dropped

Graham Lyon, Executive Chairman said:

"I am extremely proud of what we have achieved in the first half of 2022, with limited resources: making significant progress on Phase 1 which is targeting first LNG delivery year end 2023 and advancing debt financing for Phase 2, which is planned to fund the majority of the Phase 2 development costs. The Company continues to be ever prudent with our G&A as we also evaluate a range of new business development opportunities in order to grow and diversify the Company both in Morocco and further afield. Post period end, we commenced a farm-out process to secure participation of a strategic partner in both the development of the Concession and exploration and appraisal of the Company's exploration permits in Eastern Morocco. The committed Sound Energy team is diligently pursuing its ongoing development activities targeting production and revenue in 2023 and will continue to be focused on creating shareholder value whilst taking bold decisions to enable us to respond to the challenges (and opportunities) which continue to impact the wider global economy as world events unfold.''

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