{"id":11477,"date":"2022-01-01T18:03:08","date_gmt":"2022-01-01T18:03:08","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=11477"},"modified":"2022-01-01T18:03:08","modified_gmt":"2022-01-01T18:03:08","slug":"morocco-sound-energy-announces-phase-1-development-loan-note-financing-and-lng-sale-purchase-agreement","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-sound-energy-announces-phase-1-development-loan-note-financing-and-lng-sale-purchase-agreement\/","title":{"rendered":"MOROCCO: Sound Energy Announces Phase 1 Development Loan Note Financing and LNG Sale &#038; Purchase Agreement"},"content":{"rendered":"<p class=\"dd\"><span class=\"ct\">Sound Energy, the energy transition company, is delighted to announce the entry of binding conditional agreements in respect of a US$18 million Phase 1 Tendrara LNG Development loan note financing and that, with the other remaining conditions precedent to the Phase 1 LNG gas sales agreement announced by the Company on 29 July 2021 now waived by the parties, the LNG GSA is now unconditional.<\/span><span class=\"ct\">\u00a0<\/span><\/p>\n<p class=\"dd\"><span class=\"ct\">In satisfying the final material condition precedent to the LNG GSA, the Company has entered into agreements with Afriquia Gaz S.A. in respect of an US$18 million 6% secured loan note maturing in December 2033.<\/span><span class=\"ct\">\u00a0<\/span><\/p>\n<p class=\"dd\"><span class=\"ct\">The Loan, which is secured on the issued share capital of Sound Energy Meridja Limited, will be available to be drawn down by the Company in whole or in tranches, at the Company&#8217;s election, over a three year period commencing on 24 December 2021 and will be applied towards the <\/span><span class=\"cq\">development of the Tendrara Production Concession.<\/span><span class=\"cq\">\u00a0<\/span><\/p>\n<p class=\"dd\"><span class=\"cq\">Interest on the drawn principal of the Loan of a fixed 6% per annum will be payable quarterly but deferred and capitalized semi-annually until the second anniversary of entry of the Loan agreements. Thereafter, principal and deferred interest will be repayable annually in equal installments commencing 7 years from the date of execution of the Loan agreements.<\/span><span class=\"cq\">\u00a0<\/span><\/p>\n<p class=\"dd\"><span class=\"ct\">Conditions precedent to the Loan include a project contract with\u00a0<\/span><span class=\"cp\">Italfluid Geoenergy S.r.l (Italfluid) for the provision of a gas processing and liquefaction facility relating to the Phase 1 development being effective\u00a0<\/span><span class=\"cx\">and evidence being provided to the Lender of the issue by the Tendrara joint venture partners of &#8220;Notice to Proceed&#8221; to Italfluid.<\/span><\/p>\n<p class=\"dd\"><span class=\"ct\">\u00a0<\/span><span class=\"ct\">Graham Lyon, Sound Energy&#8217;s Executive Chairman, commented:<\/span><span class=\"ct\">\u00a0<\/span><\/p>\n<p class=\"df\"><span class=\"cq\">&#8220;W<\/span><span class=\"cx\">e are delighted to have executed all loan note documentation which ensures that Sound Energy will be fully funded for its share of Phase 1 development capital. This is a key milestone for the Company and we will now move to issuing the Notice to Proceed to Italfluid and drawing down initial funding from the Afriquia Gaz loan in order to proceed with execution of the Phase 1 development.&#8221;<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sound Energy, the energy transition company, is delighted to announce the entry of binding conditional agreements in respect of a US$18 million Phase 1 Tendrara LNG Development loan note financing &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/morocco-sound-energy-announces-phase-1-development-loan-note-financing-and-lng-sale-purchase-agreement\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":8449,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,7446,11],"tags":[9964,1051,1428,1629,7689,8401],"class_list":["post-11477","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-north-africa","category-top-news","tag-afriquia-gaz-s-a","tag-gsa","tag-lng","tag-morocco","tag-sound-energy","tag-tendrara","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Morocco-Tendrara.jpg?fit=1280%2C720&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-2Z7","jetpack-related-posts":[{"id":10644,"url":"https:\/\/www.oilnewskenya.com\/index.php\/sound-energy-enters-lng-spa-with-afriquia-gaz\/","url_meta":{"origin":11477,"position":0},"title":"Sound Energy Enters LNG SPA with Afriquia Gaz","author":"","date":"July 29, 2021","format":false,"excerpt":"Sound Energy has provided the following update in relation to the Company's micro liquified natural gas (mLNG) phase 1 development plan for the TE-5 Horst development\u00a0 at the Tendrara Production Concession.\u00a0 Highlights\u00a0 \u00b7\u00a0\u00a0\u00a0\u00a0Ten (10) year take or pay LNG sale and purchase agreement entered into with Afriquia Gaz \u00b7\u00a0\u00a0\u00a0\u00a0\u00a32 million\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Morocco-Tendrara.jpg?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Morocco-Tendrara.jpg?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Morocco-Tendrara.jpg?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Morocco-Tendrara.jpg?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Morocco-Tendrara.jpg?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":11430,"url":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-progress-made-in-phase-1-lng-gsa-in-tendrara-production-concession\/","url_meta":{"origin":11477,"position":1},"title":"MOROCCO: Progress Made Towards Phase 1 LNG GSA in Tendrara Production Concession","author":"","date":"December 20, 2021","format":false,"excerpt":"Sound Energy has announced that material progress has continued to be made towards satisfying the remaining conditions precedent to the Phase 1 LNG Gas sales Agreement (the LNG GSA). The LNG GSA, in relation to the Phase 1 liquified natural gas based development of the Company's Tendrara Production Concession, is\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Morocco-Tendrara.jpg?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Morocco-Tendrara.jpg?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Morocco-Tendrara.jpg?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Morocco-Tendrara.jpg?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Morocco-Tendrara.jpg?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":11854,"url":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-sound-energy-issues-of-notice-to-proceed-for-tendrara-concession-phase-1-development\/","url_meta":{"origin":11477,"position":2},"title":"MOROCCO: Sound Energy  Issues of Notice to Proceed for Tendrara Concession Phase 1 Development","author":"","date":"February 17, 2022","format":false,"excerpt":"\u00a0 Sound Energy has announced the issue to Italfluid Geoenergy S.r.l. of notice to proceed in respect of the project contract for the Tendrara Concession mLNG Facilities Onshore, Kingdom of Morocco, between the Group and the Contractor.\u00a0 The Notice to Proceed has been issued to the Contractor by Sound Energy's\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Morocco-Tendrara.jpg?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Morocco-Tendrara.jpg?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Morocco-Tendrara.jpg?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Morocco-Tendrara.jpg?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Morocco-Tendrara.jpg?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":12883,"url":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-sound-energy-reports-micro-lng-development-progress-amendment-of-italfluid-project-contract\/","url_meta":{"origin":11477,"position":3},"title":"MOROCCO: Sound Energy Reports on Micro LNG Development Progress &#038; Amendment of Italfluid Project Contract","author":"","date":"November 29, 2022","format":false,"excerpt":"Sound Energy has provided a progress update on its Phase 1 micro LNG development and announced an amendment to the project contract entered into between Italfluid Geoenergy S.r.l. \u00a0and Sound Energy and\u00a0together with the Contractor in respect of the design, procurement, construction, operation and maintenance of Tendrara Concession micro LNG\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Morocco-Tendrara.jpg?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Morocco-Tendrara.jpg?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Morocco-Tendrara.jpg?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Morocco-Tendrara.jpg?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/06\/Morocco-Tendrara.jpg?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":15407,"url":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-sound-energy-announces-first-commissioning-gas-at-the-tendrara-gas-development\/","url_meta":{"origin":11477,"position":4},"title":"MOROCCO: Sound Energy Announces First Commissioning Gas at the Tendrara Gas Development","author":"","date":"December 8, 2025","format":false,"excerpt":"Sound Energy has announced that it has received notification from the operator of the Tendrara Production Concession, Mana Energy Ltd (55%), of the commencement of the initial commissioning activities for the TE-5 Horst development project in the Tendrara Production Concession\u00a0that first gas has entered the gas gathering system (GGS) in\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/06\/Morocco-Tendrara.jpg?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/06\/Morocco-Tendrara.jpg?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/06\/Morocco-Tendrara.jpg?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/06\/Morocco-Tendrara.jpg?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/06\/Morocco-Tendrara.jpg?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":13664,"url":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-sound-energy-announces-its-audited-final-results-for-the-year-ended-31-december-2022\/","url_meta":{"origin":11477,"position":5},"title":"MOROCCO: Sound Energy Announces its Audited Final Results for the year ended 31 December 2022.","author":"","date":"May 8, 2023","format":false,"excerpt":"HIGHLIGHTS Development of the Moroccan Tendrara Production Concession \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Phase 1 Micro LNG project o\u00a0\u00a0Signing of the Notice to Proceed in February 2022 o\u00a0\u00a0Drawdown of the Loan Note subscription with Afriquia Gaz commenced in February 2022 o\u00a0\u00a0Site preparation activities at the Tendrara TE-5 Horst commenced in March 2022 o\u00a0\u00a0Main civil work\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/05\/Morocco-Sound-energy.png?fit=1200%2C1200&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/05\/Morocco-Sound-energy.png?fit=1200%2C1200&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/05\/Morocco-Sound-energy.png?fit=1200%2C1200&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/05\/Morocco-Sound-energy.png?fit=1200%2C1200&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/05\/Morocco-Sound-energy.png?fit=1200%2C1200&ssl=1&resize=1050%2C600 3x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/11477","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=11477"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/11477\/revisions"}],"predecessor-version":[{"id":11478,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/11477\/revisions\/11478"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/8449"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=11477"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=11477"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=11477"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}