UK-listed Sound Energy is exiting Morocco, selling its 20% stake in the Tendrara concession to operator Mana Energy and also quitting exploration acreage. Sound had earlier sold its 55% operating stake in Tendrara to Mana Energy in 2024 (MEES, 6 February). Following the transaction, Sound Energy will hold 75%, and the remaining 25% is owned by Morocco state firm ONHYM.
In a 26 May announcement, Sound Energy said that it will receive aggregate proceeds of $57mn for the Tendrara sale and that it is also relinquishing its 27.5% interest in the Anoual Exploration Permit and waiving any subsisting rights in the Grand Tendrara Exploration Permit. Following the transaction, the company will be left with a cash balance of $11mn and said that it will be able “to pursue new ventures within the energy transition space and upstream hydrocarbon opportunities outside of Morocco.” (CONTINUED – 364 WORDS)
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