{"id":12955,"date":"2022-12-13T11:50:30","date_gmt":"2022-12-13T11:50:30","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=12955"},"modified":"2022-12-13T11:50:30","modified_gmt":"2022-12-13T11:50:30","slug":"morocco-sound-energy-provide-tendrara-project-financing-update","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-sound-energy-provide-tendrara-project-financing-update\/","title":{"rendered":"MOROCCO: Sound Energy Provide Tendrara Project Financing Update"},"content":{"rendered":"<p class=\"ed\"><span class=\"dw\">Partner and possible Farm-Out Update<\/span><span class=\"eb\">\u00a0<\/span><\/p>\n<p class=\"eg\"><span class=\"du\">The Company announced on 9 August 2022\u00a0<span class=\"eh\">that it had initiated a formal farm-out process to identify a partner for the Tendrara Production Concession and the surrounding Grand Tendrara and Anoual exploration permits.\u00a0 The objective of the area-wide approach is to seek a co-investing partner in each licence to both fund the expected balance of Phase 2 development costs to first gas of approximately US$60 million net to the Company&#8217;s working interest in the Tendrara Production Concession and also to progress an exploration and appraisal drilling programme in the Grand Tendrara and Anoual exploration permit areas.<\/span><\/span><span class=\"ei\">\u00a0<\/span><\/p>\n<p class=\"eg\"><span class=\"ei\">Following strong levels of interest in the Process from a wide range of credible and well-funded parties, the Company has now received quantified non-binding indications of interest in the Process from several parties and, following review, the Company intends to engage in more detail with the relevant parties. Further announcements will be made, as appropriate, in due course.<\/span><span class=\"ei\">\u00a0<\/span><\/p>\n<p class=\"eg\"><span class=\"ej\">Phase 2 Development &#8211; EPC Contractor<\/span><span class=\"ei\">\u00a0<\/span><\/p>\n<p class=\"eg\"><span class=\"ei\">In parallel with the farm-out process in progress, the Company has been developing relationships with various vendors to conduct Engineering, Procurement, Construction (EPC) and potentially Operations and Maintenance activities for the Phase 2 development of the Tendrara Production Concession. Advanced negotiations are ongoing, with suitable Consortia to undertake such work identified.<\/span><\/p>\n<p class=\"ed\"><span class=\"dq\">Phase 2 Development &#8211; Lead Finance Arranger Mandate Update<\/span><span class=\"eb\">\u00a0<\/span><\/p>\n<p class=\"ed\"><span class=\"eb\">The Company announced on 23 June 2022 that it had entered into\u00a0<span class=\"dp\">an Arrangement and Mandate letterwith Attijariwafa bank, a Moroccan multinational bank and one of the leading banks in Morocco, under which the Company mandated the Arranger in relation to the arrangement of project debt financing for the development of Sound Energy&#8217;s Tendrara Production Concession.<\/span><\/span><span class=\"do\">\u00a0<\/span><\/p>\n<p class=\"ek\"><span class=\"el\">Pursuant to the Agreement, the Arranger was mandated, and provided with exclusivity by the Company for a period of eight months, to arrange a long-term project senior debt facility with a term of no more than 12 years of up to 2.250 billion Moroccan dirhams (approximately US$210 million using current exchange rates) for the partial financing of the currently estimated approximately US$330 million total Phase 2 development cost (including development wells post-first gas) of the Tendrara Production Concession (the &#8220;Financing&#8221;). Under the terms of the Mandate, as amended, the parties agreed to seek to negotiate binding terms for the Financing by 15 December 2022.<\/span><span class=\"el\">\u00a0<\/span><\/p>\n<p class=\"ek\"><span class=\"el\">Good progress continues to be made with the Arranger who has recently commenced technical due diligence. To provide sufficient time for this technical diligence process to complete, the parties have entered into a further amendment to the Mandate in order to extend the date by which they will seek to negotiate binding terms for the Financing to 15 March 2023. The exclusivity provided to the Arranger under the Mandate to arrange the Financing has also been extended to 1 June 2023.<\/span><span class=\"dx\">\u00a0<\/span><\/p>\n<p class=\"a\"><span class=\"dn\">Commenting, Graham Lyon (Executive Chairman) said:<\/span><span class=\"dn\">\u00a0<\/span><\/p>\n<p class=\"ed\"><span class=\"dn\">&#8220;The receipt of credible interest from a number of industry participants in joining the Tendrara Production Concession development and surrounding exploration acreage is encouraging and the Company will now spend time to fully evaluate each and the structure of any potential future transaction. \u00a0Identifying the Consortium for the Phase 2 development Engineering work is also key as is the structure by which the Company engages all parties.<\/span><span class=\"dn\">\u00a0<\/span><\/p>\n<p class=\"ed\"><span class=\"dn\">&#8220;Understandably Attijariwafa bank require more time for their external experts to get familiar with the project as this would be the first Moroccan bank led gas development financing. We look forward to\u00a0providing\u00a0further positive updates as the\u00a0various project\u00a0milestones are delivered.&#8221;<\/span><\/p>\n<p class=\"ed\"><span class=\"dn\">\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Partner and possible Farm-Out Update\u00a0 The Company announced on 9 August 2022\u00a0that it had initiated a formal farm-out process to identify a partner for the Tendrara Production Concession and the &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/morocco-sound-energy-provide-tendrara-project-financing-update\/\" 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":[10783,10555,4954,874,1629,7689,8401],"class_list":["post-12955","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-north-africa","category-top-news","tag-anoual-exploration-permit","tag-attijariwafa-bank","tag-epc","tag-farmout","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-3mX","jetpack-related-posts":[{"id":12558,"url":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-sound-energy-provides-phase-2-development-financing-launch-of-tendrara-farm-out-process\/","url_meta":{"origin":12955,"position":0},"title":"MOROCCO: Sound Energy Provides Phase 2 Development Financing &#038; Launch of Tendrara Farm-Out Process","author":"","date":"August 10, 2022","format":false,"excerpt":"Phase 2 Development Financing and Farm-Out Update\u00a0 As announced on 23 June 2022, the Company mandated Attijariwafa bank, a Moroccan multinational bank and one of the leading banks in Morocco, to arrange a long-term project senior debt facility of up to c.US$250 million for the partial financing of the currently\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":10436,"url":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-sound-energy-increases-participating-interests-in-the-anoual-greater-tendrara-exploration-permits\/","url_meta":{"origin":12955,"position":1},"title":"MOROCCO: Sound Energy Increases Participating Interests in the Anoual &#038; Greater Tendrara Exploration Permits","author":"","date":"June 14, 2021","format":false,"excerpt":"Sound Energy has entered into a sale and purchase agreement with Schlumberger Holdings II Limited to acquire the entire issued share capital of Schlumberger Silk Route Services Limited. Acquisition Highlights: The Group will have increased participating interests in the Anoual and Greater Tendrara exploration permits in Eastern Morocco by 27.5%\u2026","rel":"","context":"In &quot;Countries&quot;","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":14375,"url":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-sound-energy-signs-binding-agreement-for-the-sale-of-share-capital-of-sound-energy-morocco-east-limited\/","url_meta":{"origin":12955,"position":2},"title":"MOROCCO: Sound Energy Signs Binding Agreement for the Sale of Share capital of Sound Energy Morocco East Limited","author":"","date":"June 18, 2024","format":false,"excerpt":"Sound Energy has announced the entry into a binding Sale and Purchase agreement for the partial divestment of the Company's Moroccan assets by way of the disposal by the Company of the entire issued share capital of Sound Energy Morocco East Limited (SEME) to Managem SA for a total value\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\/2024\/06\/Morocco-Tendrara.png?fit=1200%2C1200&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/06\/Morocco-Tendrara.png?fit=1200%2C1200&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/06\/Morocco-Tendrara.png?fit=1200%2C1200&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/06\/Morocco-Tendrara.png?fit=1200%2C1200&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/06\/Morocco-Tendrara.png?fit=1200%2C1200&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":12762,"url":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-sound-energy-announces-project-financing-update\/","url_meta":{"origin":12955,"position":3},"title":"MOROCCO: Sound Energy Announces Project Financing Update","author":"","date":"November 1, 2022","format":false,"excerpt":"Farm-Out Update\u00a0 The Company announced on 9 August 2022\u00a0that it had initiated a formal farm-out process for the Tendrara Production Concession and the surrounding Grand Tendrara and Anoual exploration permits.\u00a0 The objective of the area-wide farm-out is to seek a co-investing partner in each licence to both fund the expected\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":15569,"url":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-sound-energy-provides-tendrara-development-anoual-exploration-permits-operational-update\/","url_meta":{"origin":12955,"position":4},"title":"MOROCCO: Sound Energy Provides Tendrara Development, Anoual Exploration Permits Operational Update","author":"","date":"January 26, 2026","format":false,"excerpt":"Sound Energy\u00a0has announced the following operational update on the\u00a0Tendrara Phase I Production Concession and Anoual Exploration Permits. Tendrara Gas Gathering System Commissioning Further to our announcement of 8 December 2025 regarding commencement of initial commissioning activities for the TE-5 Horst development, the Operator, Mana Energy Ltd, has informed the Company\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\/2024\/04\/Morocco-Tendrara.png?fit=1200%2C1200&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/04\/Morocco-Tendrara.png?fit=1200%2C1200&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/04\/Morocco-Tendrara.png?fit=1200%2C1200&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/04\/Morocco-Tendrara.png?fit=1200%2C1200&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/04\/Morocco-Tendrara.png?fit=1200%2C1200&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":15807,"url":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-sound-energy-reports-conditional-sale-of-sound-energy-meridja-limited-and-relinquishment-of-arran-energys-exploration-interests\/","url_meta":{"origin":12955,"position":5},"title":"MOROCCO: Sound Energy Reports Conditional Sale of Sound Energy Meridja Limited &amp; Relinquishment of Arran Energy&#8217;s Exploration Interests","author":"Samuel Kamau Mbote","date":"May 26, 2026","format":false,"excerpt":"Sound Energy has announced it has entered into a binding Sale and Purchase Agreement for the divestment of the Company's interests in the Tendrara Exploitation Concession (20%), onshore Morocco, by way of the disposal of the entire share capital of Sound Energy Merijda Limited (SEML) to Managem SA. The Company\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\/2024\/06\/Morocco-Tendrara.png?fit=1200%2C1200&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/06\/Morocco-Tendrara.png?fit=1200%2C1200&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/06\/Morocco-Tendrara.png?fit=1200%2C1200&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/06\/Morocco-Tendrara.png?fit=1200%2C1200&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/06\/Morocco-Tendrara.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\/12955","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=12955"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12955\/revisions"}],"predecessor-version":[{"id":12956,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/12955\/revisions\/12956"}],"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=12955"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=12955"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=12955"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}