Sound Energy holds a 47.5% stake in the Tendrara concession.
Rabat – Sound Energy announced on Wednesday that it has agreed to sell 51% of its Tendrara gas exploration concession stake in eastern Morocco to an undisclosed British company for $112.8 million.
Sound Energy said it entered into non-disclosure agreements with 23 companies and received multiple non-binding offers.
The British gas company has granted the purchaser an exclusivity period, expiring on February 14 next year, to finalize a binding sale and purchase agreement for 51% of Sound Energy’s stake.
Sound Energy holds 47.5% of the Tendrara portfolio in eastern Morocco, while the Texas-based Schlumberger company, a Sound Energy partner, holds 27.5%, and Morocco’s National Office of Hydrocarbons and Mines (ONHYM) holds 25%.
Sound Energy will subsequently retain a 23% overall stake in the Tendrara concession.
The company added that it will grant the buyer a one-year option to acquire a further 9% of Sound Energy’s remaining shares on the same terms.
On October 29, the Moroccan National Office of Electricity and Drinking Water (ONEE) signed a memorandum of understanding with Sound Energy Limited related to the sale of natural gas from the Tendrara concession in Eastern Morocco.
Sound Energy is projecting gross revenues of $84 million in the first year of selling Moroccan gas.