Sound Energy sells Morocco gas assets to Managem for $45.2 million

Sound Energy PLC, a UK-based gas company, announced the sale of its subsidiary, Sound Energy Morocco East, to Moroccan mining company Managem on Friday. The transaction, valued at $45.2 million according to Reuters, is seen as crucial for developing production in the eastern Morocco gas field known as Tendrara.

Managem anticipates Tendrara to begin production next year, with an initial output of 100 million cubic meters annually. The company also expressed plans to further increase production to 280 million cubic meters once the field is connected to the existing gas pipeline linking Morocco and Spain.

«The group is actively looking for other gas assets in Africa», Managem CEO Imad Toumi stated in the press release.

Following the sale, Sound Energy will retain a 20% interest in the Tendrara Production concession, as well as a 27.5% working interest in both the Grand Tendrara Exploration Concession and the Anoual exploration permit.