Sound Energy PLC announced on Wednesday that it has successfully completed the sale of its Moroccan assets for up to USD 45.2 million, Alliance News reported.
The company focused on transition energy and gas development projects in Morocco, saw its shares rise by 27%, reaching 0.83 pence each in London.
The sale involves Sound Energy’s Moroccan subsidiary, Sound Energy Morocco East Ltd, which has been acquired by Managem SA.
Despite the sale, Sound Energy will retain a 20% stake in the Tendrara production concession and nearly 28% working interest in both the Anoual and Grand Tendrara exploration permits.
Sound Energy’s subsidiary will continue to operate the Tendrara exploitation concession, as well as the Anoual and Grand Tendrara exploration permits. The company secured approval for the sale from the Moroccan government in October.
Graham Lyon, Executive Chair of Sound Energy, commented, “This is a transformative transaction for Sound Energy, unlocking significant value. We look forward to the next phase of Tendrara development and exploration activities in Morocco.”
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