Sound Energy exits Morocco’s Tendrara gas project in $57 million deal

London-listed gas company Sound Energy has agreed to sell its remaining 20% stake in the Tendrara gas concession in Morocco to Managem for $57 million, marking the British company’s exit from the project.

The deal involves the sale of Sound Energy Meridja Limited, which holds the company’s interests in the Tendrara exploitation concession, the company announced on Tuesday.

Following completion of the transaction, Managem and its affiliates will hold a 75% operated stake in the project, while ONHYM will retain the remaining 25%.

Sound Energy said the sale follows a strategic review aimed at reducing future funding requirements and refocusing on energy transition and renewable energy opportunities. The company also announced it would relinquish its 27.5% stake in the Anoual exploration permit and waive any remaining rights in the Grand Tendrara permit.