{"id":13664,"date":"2023-05-08T06:54:27","date_gmt":"2023-05-08T06:54:27","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=13664"},"modified":"2023-05-08T07:04:00","modified_gmt":"2023-05-08T07:04:00","slug":"morocco-sound-energy-announces-its-audited-final-results-for-the-year-ended-31-december-2022","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-sound-energy-announces-its-audited-final-results-for-the-year-ended-31-december-2022\/","title":{"rendered":"MOROCCO: Sound Energy Announces its Audited Final Results for the year ended 31 December 2022."},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>HIGHLIGHTS<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Development of the Moroccan Tendrara Production Concession<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00b7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phase 1 Micro LNG project<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">o&nbsp;&nbsp;Signing of the Notice to Proceed in February 2022<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">o&nbsp;&nbsp;Drawdown of the Loan Note subscription with Afriquia Gaz commenced in February 2022<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">o&nbsp;&nbsp;Site preparation activities at the Tendrara TE-5 Horst commenced in March 2022<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">o&nbsp;&nbsp;Main civil work (LNG tank foundations) done and checked in early 2023<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">o&nbsp;&nbsp;Despite the disruptive events occurred in 2022 which delayed the activities, engineering and manufacturing are both progressing<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">o&nbsp;&nbsp;Phase 1 LNG delivery scheduled to commence in 2024<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00b7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phase 2 Gas (pipeline) development<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">o&nbsp;&nbsp;Announced Gazudoc-Mahgreb Europe (&#8221;GME&#8221;) pipeline interconnection agreement with ONHYM in March 2022<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Project financing<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00b7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appointed Attijariwafa Bank, Morocco&#8217;s largest bank, as exclusive lead arranger for the senior debt financing, in June 2022<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00b7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company launched a process to seek a funding partner in both the Tendrara Production Concession and in the underexplored but prospective surrounding exploration permits in the Tendrara basin.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00b7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indications of interest from several parties were received by year end and the Company is continuing negotiations.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Exploration<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00b7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extension of Sidi Moktar and Anoual exploration permits by a further year (subject to ministerial approval)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00b7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entry into the first complementary period on the Grand Tendrara exploration permits (subject to ministerial approval)<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00b7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Identification and high grading of three potential near term subsalt drilling opportunities where, importantly, any future discoveries have the potential to be commercialised through the planned infrastructure of Phase 2<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Corporate<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00b7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Successful equity raise of \u00a34 million (before expenses) in June 2022<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00b7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post period end, the Company has entered into a full and final settlement of its tax disputes with the Moroccan tax authorities, subject to the Court agreeing that all cases be withdrawn &nbsp;&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Graham Lyon, Executive Chairman said:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>&#8220;2022 was a year of real tangible progress for Sound Energy, with the micro-LNG development at Tendrara contracted to deliver maiden revenues in early 2024. I am pleased that, as we move further into construction activities, the Company continues to uphold all our ESG values and deliver our work in a manner commensurate with our principles. We are pleased to have settled our outstanding tax matters such that we can optimise our resources on field development. We have enjoyed a supportive working relationship with ONHYM, the Ministry and our various contractors in Morocco, and, most importantly, we continue to benefit from the hard work and dedication of our own staff. We will continue to work diligently to deliver value and progress for all our stakeholders during 2023 and beyond as we target to deliver material developments.&#8221;<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>HIGHLIGHTS Development of the Moroccan Tendrara Production Concession \u00b7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Phase 1 Micro LNG project o&nbsp;&nbsp;Signing of the Notice to Proceed in February 2022 o&nbsp;&nbsp;Drawdown of the Loan Note subscription with Afriquia &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/morocco-sound-energy-announces-its-audited-final-results-for-the-year-ended-31-december-2022\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":13665,"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":false,"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":[7755,1428,1629,8401,11234],"class_list":["post-13664","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-north-africa","category-top-news","tag-anoual","tag-lng","tag-morocco","tag-tendrara","tag-tendrara-te-5-horst","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/05\/Morocco-Sound-energy.png?fit=1200%2C1200&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-3yo","jetpack-related-posts":[{"id":9102,"url":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-sound-energy-announces-h1-2020-results\/","url_meta":{"origin":13664,"position":0},"title":"MOROCCO: Sound Energy Announces H1 2020 Results","author":"","date":"September 11, 2020","format":false,"excerpt":"Statement from the Executive Chairman Despite the challenging business environment brought on by the Covid-19 global pandemic and exacerbated in the oil and gas sector by a dispute between Russia and Saudi Arabia which led to an increase in supply just as demand was falling due to the economic impact\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":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":13664,"position":1},"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":15407,"url":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-sound-energy-announces-first-commissioning-gas-at-the-tendrara-gas-development\/","url_meta":{"origin":13664,"position":2},"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":11430,"url":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-progress-made-in-phase-1-lng-gsa-in-tendrara-production-concession\/","url_meta":{"origin":13664,"position":3},"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":14286,"url":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-sound-energy-announces-audited-final-results-for-the-year-ended-31-december-2023\/","url_meta":{"origin":13664,"position":4},"title":"MOROCCO: Sound Energy Announces Audited final results for the year ended 31 December 2023","author":"","date":"April 24, 2024","format":false,"excerpt":"HIGHLIGHTS Substantial 2023 Project execution undertaken -\u00a0positioned for significant operational and financial progress through development of pivotal Moroccan Tendrara Production Concession, with rig activities from June 2024 and plant commissioning planned by year end \u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Phase 1 Micro LNG (mLNG) project (Phase 1): o\u00a0\u00a0Completed mLNG tank foundations and manufacturing of the\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":10644,"url":"https:\/\/www.oilnewskenya.com\/index.php\/sound-energy-enters-lng-spa-with-afriquia-gaz\/","url_meta":{"origin":13664,"position":5},"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 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