{"id":14286,"date":"2024-04-24T09:48:52","date_gmt":"2024-04-24T09:48:52","guid":{"rendered":"https:\/\/www.oilnewskenya.com\/?p=14286"},"modified":"2024-04-24T09:48:52","modified_gmt":"2024-04-24T09:48:52","slug":"morocco-sound-energy-announces-audited-final-results-for-the-year-ended-31-december-2023","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-sound-energy-announces-audited-final-results-for-the-year-ended-31-december-2023\/","title":{"rendered":"MOROCCO: Sound Energy Announces Audited final results for the year ended 31 December 2023"},"content":{"rendered":"\n

HIGHLIGHTS<\/strong><\/p>\n\n\n\n

Substantial 2023 Project execution undertaken –<\/strong> positioned 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<\/p>\n\n\n\n

\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Phase 1 Micro LNG (mLNG) project (Phase 1):<\/p>\n\n\n\n

o  Completed mLNG tank foundations and manufacturing of the main components of the outer and inner LNG storage tank in 2023<\/p>\n\n\n\n

o  Advanced construction of the access road, which is scheduled for completion summer 2024<\/p>\n\n\n\n

o  Design, planning and procurement of equipment for workover of wells TE-6 and TE-7. Initial well works setting packers in each well successfully completed in Q4 2023 with rig activities scheduled for June 2024<\/p>\n\n\n\n

o  Processed gas expected at plant by end 2024 with LNG sales thereafter<\/p>\n\n\n\n

\u00b7      Phase 2 Gas (pipeline) development (”Phase 2”) – financing to be concluded in 2024<\/p>\n\n\n\n

o  Receipt of binding conditioned term sheet in June 2023, for project financing from exclusive lead arranger, Attijariwafa Bank, Morocco’s largest bank<\/p>\n\n\n\n

Corporate<\/strong> – strengthening of financial position<\/p>\n\n\n\n

\u00b7      In June 2023 the Company entered into a non-binding term sheet with Calvalley Petroleum (Cyprus) Limited for a partial divestment of a net 40% working interest in the Tendrara Production Concession and the Grand Tendrara exploration permit<\/p>\n\n\n\n

\u00b7      In May 2023 the Company entered into a full and final settlement of its tax disputes with the Moroccan tax authorities and received court papers in June 2023 confirming the withdrawal of the cases between the Company and Moroccan tax authority<\/p>\n\n\n\n

\u00b7      In June 2023 the Company made a drawdown of \u00a32.5 million of up to \u00a34.0 million senior unsecured convertible bond instrument.<\/p>\n\n\n\n

\u00b7      In December 2023, restructured the Eurobond such that it will now not be fully redeemed until December 2027 rather than partially from December 2023<\/p>\n\n\n\n

\u00b7      Phase 2 financing planned to be concluded in 2024 through Project debt and conclusion of partial asset divestment<\/p>\n\n\n\n

Graham Lyon, Executive Chairman said:<\/strong><\/p>\n\n\n\n

”Whilst substantial progress had been made in advancing mLNG and the financial foundations for Phase 2, execution and closing of documentation experienced delays. However, timely conclusion of the proposed partnering arrangement and bank debt financing in 2024 will facilitate progress on the pipeline development at Tendrara, as well as funding for further exploration on Grand Tendrara.<\/em><\/p>\n\n\n\n

The micro-LNG development at Tendrara construction has suffered from supplier delays and is now expected to be ready to receive gas into the plant by the end of 2024 with LNG sales thereafter. The Company continues to uphold strong 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 2024 and beyond, as we focus on delivering material developments in transition energy.”<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

HIGHLIGHTS Substantial 2023 Project execution undertaken – positioned for significant operational and financial progress through development of pivotal Moroccan Tendrara Production Concession, with rig activities from June 2024 and plant commissioning … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":14287,"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":[11531,1629,9372,8401,7758],"class_list":["post-14286","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-north-africa","category-top-news","tag-micro-lng","tag-morocco","tag-onhym","tag-tendrara","tag-tendrara-production-concession","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2024\/04\/Morocco-Tendrara.png?fit=1200%2C1200&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-3Iq","jetpack-related-posts":[{"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":14286,"position":0},"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 "Countries"","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":9618,"url":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-sound-energy-enters-into-a-letter-of-exclusivity-extension-of-lng-heads-of-terms-in-tendrara-phase-1-development\/","url_meta":{"origin":14286,"position":1},"title":"MOROCCO: Sound Energy Enters into a Letter of Exclusivity & Extension of LNG Heads of Terms in Tendrara Phase 1 Development","author":"","date":"January 3, 2021","format":false,"excerpt":"Sound Energy has provided an update in relation to the proposed micro liquefied natural gas (mLNG) phase 1 development project for the TE-5 Horst (the Phase 1 Development) at the Tendrara Production Concession.\u00a0 Letter of Exclusivity\u00a0 Sound Energy Morocco East Limited (SEMEL), the Company's wholly owned subsidiary, has entered into\u2026","rel":"","context":"In "Countries"","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":8448,"url":"https:\/\/www.oilnewskenya.com\/index.php\/sound-energy-signs-lng-heads-of-terms-with-leading-moroccan-energy-group\/","url_meta":{"origin":14286,"position":2},"title":"Sound Energy Signs LNG Heads of Terms with Leading Moroccan Energy Group","author":"","date":"June 30, 2020","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 (the \"Phase 1 Development\") at the Tendrara Production Concession (the \"Concession\"). This is being pursued alongside the phase 2 full field development plan centred\u2026","rel":"","context":"In "Countries"","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":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":14286,"position":3},"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 "Countries"","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":[]},{"id":12129,"url":"https:\/\/www.oilnewskenya.com\/index.php\/morocco-sound-energy-provides-tendrara-phase-1-mlng-development-update\/","url_meta":{"origin":14286,"position":4},"title":"MOROCCO: Sound Energy Provides Tendrara Phase 1 mLNG Development Update","author":"","date":"April 14, 2022","format":false,"excerpt":"-\u00a0\u00a0\u00a0\u00a0 mLNG equipment and services provider Italfluid, has confirmed the issuance of purchase orders for the gas processing and liquefaction packages together with the LNG storage tank; -\u00a0\u00a0\u00a0\u00a0 Site preparation activities by Italfluid and Sound Energy at the Tendrara site location have commenced and are ongoing; -\u00a0\u00a0\u00a0\u00a0 Italfluid is advancing\u2026","rel":"","context":"In "Countries"","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":14286,"position":5},"title":"MOROCCO: Sound Energy Reports on Micro LNG Development Progress & 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 "Countries"","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":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/14286","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=14286"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/14286\/revisions"}],"predecessor-version":[{"id":14288,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/14286\/revisions\/14288"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/14287"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=14286"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=14286"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=14286"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}