Further to the announcement of 14 June 2024 regarding the entry into a conditional binding Sale and Purchase agreement for the partial divestment by Sound Energy, of its Moroccan assets by way of the disposal by the Company of the entire issued share capital of the Company’s wholly owned subsidiary Sound Energy Morocco East Limited to Managem SA, the Company notes Moroccan press speculation in relation to Managem having received authorisation by the Moroccan Competition Council to \u00a0the transaction.<\/p>\n\n\n\n
Whilst the Company is pleased to confirm that the Moroccan Competition Council’s authorisation satisfies a significant condition precedent of the SPA, it says the Transaction remains conditional upon the following conditions precedent being satisfied or waived:<\/p>\n\n\n\n
\u00b7 Approvals by ONHYM and the Moroccan Minister of Energy of the Company continuing as the Operator of record of the Tendrara Exploitation Concession, and the Anoual and Grand Tendrara Exploration Permits where required;<\/p>\n\n\n\n
\u00b7 Receipt of the written authorisation of the Foreign Exchange Office (Office des Changes) relating to Managem’s payment obligations;<\/p>\n\n\n\n
\u00b7 Confirmation in writing by the Seller to the Buyer that no Material Adverse Change has occurred;<\/p>\n\n\n\n
\u00b7 Approval by Schlumberger in accordance with the terms of Schlumberger’s profit-sharing deed in respect of the Concession or Managem negotiating and entering into an agreement with Schlumberger for the cancellation of the profit-sharing deed;<\/p>\n\n\n\n
\u00b7 Extension of the Start Date\/Deemed Start Date as defined in the LNG GSA; and<\/p>\n\n\n\n
\u00b7 Delivery of Completion accounts and Assurance Release Conditions.<\/p>\n\n\n\n
The Company is pleased to announce that whilst it is continuing to work closely with Managem to satisfy the above conditions precedent, the following conditions precedent have been satisfied:<\/p>\n\n\n\n
\u00b7 Approval of ONEE of the change of control of the Company pursuant to the ONEE GSA;<\/p>\n\n\n\n
\u00b7 Approval of Managem’s board of directors of the Transaction; <\/p>\n\n\n\n
\u00b7 Removal of Sound Energy Morocco SARL AU as dormant subsidiary of SEME; and<\/p>\n\n\n\n
\u00b7 Receipt of Moroccan Competition Council’s authorisation<\/p>\n","protected":false},"excerpt":{"rendered":"