Sound Energy reports
March 24 (LNGJ) - Sound Energy, the UK company with natural gas assets in Morocco and a micro-LNG production project, reported progress on several fronts, including sales, finance and engineering. Sound Energy executed an $18.0 million loan facility from Afriquia Gaz, the Morocco-based company which has also signed a 10-year, take-or-pay LNG sale and purchase and taken a stake in Sound Energy.
The London-listed company is planning to develop a micro-LNG plant for the Tendrara 5-Horst gas well in its Tendrara production concession in eastern Morocco, near the Algerian border. The company also extended its Moroccan Anoual exploration permit duration from eight to nine years. “During 2022, we will continue to work tirelessly to deliver additional value for our shareholders through meaningful progression on both the Phase 1 of the micro-LNG project and the Phase 2 of the gas pipeline development to deliver increased future company growth,” said Graham Lyon, Executive Chairman.
