Sound Energy (GB:SOU) has released an update.
Sound Energy has announced a binding agreement to sell the entire issued share capital of Sound Energy Morocco East Limited to Managem SA for a deal valued at up to $45.2 million, retaining a 20% interest in the Tendrara Production Concession and 27.5% in the surrounding exploration permits. The arrangement will secure substantial funding for the company’s Phase 2 development, two exploration wells, and cover past costs, with a bonus upon Phase 2 gas delivery. Additionally, the company disclosed a board change with Simon Ashby-Rudd stepping down from his director position at the upcoming AGM.
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