{"id":13754,"date":"2023-06-29T08:29:38","date_gmt":"2023-06-29T08:29:38","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=13754"},"modified":"2023-06-30T08:34:41","modified_gmt":"2023-06-30T08:34:41","slug":"morocco-sound-energy-provides-tendrara-production-concession-project-finance-update","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-sound-energy-provides-tendrara-production-concession-project-finance-update\/","title":{"rendered":"MOROCCO: Sound Energy Provides Tendrara Production Concession Project Finance Update"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Project Debt Funding<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Company announced on 23 June 2022 that it had entered into\u00a0an Arrangement and Mandate letter  with 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 Phase 2 development of Sound Energy&#8217;s Tendrara Production Concession.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Under the Agreement, as amended and extended,&nbsp;the Arranger was mandated to &nbsp;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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Company is pleased to announce that the Company, on behalf of the Tendrara Production Concession partners, have now received a conditioned offer from the Arranger for a maximum financing of MAD 2.365 billion (c.US$237 million), proposed to be 100% underwritten by the Arranger, subject to the conditions precedent to the conditioned offer being satisfied prior to 30 September 2023 (the &#8220;Conditional Offer&#8221;). &nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Material terms of the Conditioned Offer<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00b7\u00a0\u00a0\u00a0<em>Borrower<\/em><em>:<\/em>\u00a0A to be newly incorporated Tendrara Production Concession partner special purpose vehicle incorporated under Moroccan law.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00b7&nbsp;&nbsp;&nbsp;<em>Loan amount<\/em><em>:<\/em>&nbsp;MAD 2.365 billion (approx. US$237 million) subject to a maximum gearing level of 65%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00b7&nbsp;&nbsp;&nbsp;<em>Term<\/em><em>:<\/em>&nbsp;12-year term including 2 year grace period from first drawdown.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00b7&nbsp;&nbsp;&nbsp;<em>Security<\/em>: Customary security package over Borrower and Tendrara Production Concession.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00b7&nbsp;&nbsp;&nbsp;<em>Interest rate<\/em><em>:<\/em>&nbsp;Optionality provided to the Borrower to select from fixed rate, variable and fully floating alternatives with at customary margins for hydrocarbon infrastructure development project financing facilities.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00b7&nbsp;&nbsp;&nbsp;<em>Use of loan proceeds:<\/em>&nbsp;Design, drilling, construction and operation of wells, a treatment facility (CPF) and a gas pipeline (from CPF to GME) to transport and sell the natural gas produced under the Tendrara Production Concession to the ONEE, as well as all related activities.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00b7&nbsp;&nbsp;&nbsp;<em>Conditions Precedent to the Conditional Offer<\/em>:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">o&nbsp;Governmental and Ministerial approvals.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">o&nbsp;Tax authority clearance of loan structure.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">o&nbsp;Amendment of certain Governance documents to lenders satisfaction.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">o&nbsp;Amendment of Gas Sales Agreement to lenders satisfaction.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">o&nbsp;Conclusion of Pipeline interconnection agreements to the lenders&#8217; satisfaction.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">o&nbsp;FEED update to lenders satisfaction &amp; agreement(s) in place with different contractors such as EPC, Rig provider, O&amp;M etc.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">o&nbsp;Various ancillary plans and budgets.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">o&nbsp;Completion of further DD (including insurance, E&amp;S, Tax, etc.) to be satisfactory for the lenders.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">o&nbsp;Finalisation and entry of binding Loan Financing documentation in satisfactory form for the lenders.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">o&nbsp;First drawdown from debt facility conditioned to simultaneous capital contribution in ensuring maximum gearing of 65%.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00b7&nbsp;&nbsp;<em>Long stop date to the Conditional Offer<\/em>: 30 September 2023.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Commenting, Graham Lyon (Executive Chairman) said:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>&#8220;We are delighted to have received the conditioned offer from our debt Arranger and lead bank Attijariwafa bank for an increased amount of MAD 2.365 billion. The majority of the conditions precedent to their offer are to be expected and as a result the Company has been advancing a number of these for these for some time. We look forward to working with the Arranger to conclude on what will be the first financing of its size for a gas field development in Morocco and further announcements will be made, as appropriate, in due course.&#8221;<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Project Debt Funding The Company announced on 23 June 2022 that it had entered into\u00a0an Arrangement and Mandate letter with Attijariwafa bank, a Moroccan multinational bank and one of the &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/morocco-sound-energy-provides-tendrara-production-concession-project-finance-update\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":13755,"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":[10555,1428,1629,7689,7758],"class_list":["post-13754","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-north-africa","category-top-news","tag-attijariwafa-bank","tag-lng","tag-morocco","tag-sound-energy","tag-tendrara-production-concession","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/06\/Morocco-Tendrara.jpg?fit=1280%2C720&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-3zQ","jetpack-related-posts":[{"id":12372,"url":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-attijariwafa-bank-to-arrange-debt-financing-for-tendrara-production-concession\/","url_meta":{"origin":13754,"position":0},"title":"MOROCCO: Attijariwafa Bank  to Arrange Debt Financing For Tendrara Production Concession","author":"","date":"June 23, 2022","format":false,"excerpt":"Sound Energy reports that it has entered into an Arrangement and Mandate letter with Attijariwafa bank of Morocco under which the Company has mandated the Arranger in relation to the arrangement of debt financing in relation to the development of Sound Energy's Tendrara Production Concession.\u00a0 Pursuant to the Agreement, 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\/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":12955,"url":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-sound-energy-provide-tendrara-project-financing-update\/","url_meta":{"origin":13754,"position":1},"title":"MOROCCO: Sound Energy Provide Tendrara Project Financing Update","author":"","date":"December 13, 2022","format":false,"excerpt":"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 surrounding Grand Tendrara and Anoual exploration permits.\u00a0 The objective of the area-wide approach is to seek a co-investing partner 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\/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":13621,"url":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-sound-energy-provides-tendrara-project-financing-update\/","url_meta":{"origin":13754,"position":2},"title":"Morocco: Sound Energy Provides Tendrara Project Financing Update","author":"","date":"April 28, 2023","format":false,"excerpt":"Sound Energy, the transition energy company, is pleased to provide a financing update, including in relation to the Company's Tendrara Production Concession, onshore Morocco. The Company announced on 23 June 2022 that it had entered into\u00a0an Arrangement and Mandate letter with Attijariwafa bank, a Moroccan multinational bank and one of\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\/04\/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\/04\/Morocco-Tendrara.jpg?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/04\/Morocco-Tendrara.jpg?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/04\/Morocco-Tendrara.jpg?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/04\/Morocco-Tendrara.jpg?fit=1200%2C675&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":13754,"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":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":13754,"position":4},"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":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":13754,"position":5},"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":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/13754","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=13754"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/13754\/revisions"}],"predecessor-version":[{"id":13756,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/13754\/revisions\/13756"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/13755"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=13754"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=13754"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=13754"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}