Sound Energy PLC Phase 1 LNG Sale & Purchase Agreement Update (1174U)
01 Dicembre 2021 - 08:00AM
UK Regulatory
TIDMSOU
RNS Number : 1174U
Sound Energy PLC
01 December 2021
1 December 2021
Sound Energy plc
("Sound Energy" or the "Company")
Phase 1 Development LNG Sale & Purchase Agreement Update
Sound Energy, the energy transition company, announces that
material progress has continued to be made towards satisfying the
remaining conditions precedents to the Phase 1 LNG Gas sales
Agreement (the "LNG GSA") announced by the Company on 29 July
2021.
The LNG GSA, in relation to the Phase 1 liquified natural gas
based development of the Company's Tendrara Production Concession,
is in addition to the Phase 2 development gas sales agreement
announced by the Company on 30 November 2021 in relation to the
wider, pipeline based, development plan.
Reflecting ongoing progress, the parties have agreed to extend
the date by which conditions precedent to the LNG GSA (the "CPs")
are required to be satisfied or waived to 17 December 2021.
Sound Energy has now satisfied all CPs within its direct control
and the material remaining CP to the LNG SPA not currently
satisfied relates to the entry of the loan note agreement with
Afriquia Gaz described in the Company's announcement of 29 July
2021 (the "Loan Note Agreement"). Other CPs not satisfied by the
date on which the Loan Note Agreement is entered as currently
expected to be waived.
Graham Lyon, Sound Energy's Executive Chairman, commented:
"Much work has been completed in the last month and contracts
finalised with Ital Fluids. We are confident that all conditions
precedent to the LNG GSA will be satisfied imminently and
consequently the 'Notice to Proceed' with Phase 1 development can
be announced once all contracts are executed."
For further information please contact:
Vigo Communications - PR Adviser Tel: 44 (0)20 7390 0230
Patrick d'Ancona
Chris McMahon
Sound Energy chairman@soundenergyplc.com
Graham Lyon, Executive Chairman
Tel: 44 (0)20 7397 8900
Cenkos Securities - Nominated Adviser
Ben Jeynes
Peter Lynch
SP Angel Corporate Finance LLP - Broker
Richard Hail, Sam Wahab Tel: +44 (0)20 3470 0470
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