Source - RNS
RNS Number : 6460K
Sound Energy PLC
23 September 2016
 

23 September 2016

 

Sound Energy plc

("Sound Energy" or the "Company")

 

Sidi Moktar Acquisition: Renegotiated Terms

 

Sound Energy, the Mediterranean and African focused upstream company, reported in March 2016 that it had entered into a binding agreement with PetroMaroc Corporation Plc ("PetroMaroc") for the acquisition, subject to conditions precedent including regulatory approval, of a 50% operated interest in three onshore gas permits located in Morocco (together the "Sidi Moktar Licences").

 

Since that date there have been a number of developments that have impacted that agreement, including the recent increase in the Company's share price.  The parties wish to ensure that their respective interests are protected in a reasonable and fair manner and have therefore entered into a revised binding agreement under which any proceeds from a sale (in whole or in part) of the 21,258,008 new Sound Energy ordinary shares to be issued to PetroMaroc as consideration on completion of Sound Energy's acquisition of the Sidi Moktar Licences (the "Consideration Shares") will be shared between Sound Energy and PetroMaroc as follows: PetroMaroc will receive all proceeds from sale(s) up to 50 pence per Consideration Share and sale proceeds in excess of 50 pence per Consideration Share will be shared equally between PetroMaroc and Sound Energy.  In addition, the long stop date for completion of the Acquisition has been extended to 31 December 2016 or such later date as is necessary to satisfy the remaining conditions precedent.

 

Sound Energy and PetroMaroc continue to work together collaboratively to ensure the smooth transition of the Sidi Moktar Licences. 

 

 

For further information please contact:

 

Vigo Communications - PR Adviser

Patrick d'Ancona

Chris McMahon

Alexandra Roper

 

 

Tel: +44 (0)20 7830 9700

Sound Energy

James Parsons, Chief Executive Officer 

 

 

[email protected]

 

Smith & Williamson - Nominated Adviser

Azhic Basirov

David Jones

Ben Jeynes 

 

 

Tel: +44 (0)20 7131 4000

Cantor Fitzgerald Europe - Broker

Sarah Wharry

David Porter

 

Tel: +44 (0)20 7894 8896

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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