Business
Half-year Report
Half-year Report.
About this update from Sound Energy Plc
[{"type":"text","content":"\n\n21 September 2023\nSOUND ENERGY PLC\n(\"Sound Energy\", \"Sound\" or the \"Company\" and together with subsidiaries the ''Group'')\n \nHALF YEARLY REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2023\nSound Energy, the transition energy company, announces its unaudited half-year report for the six months ended 30 June 2023.\n \nHIGHLIGHTS\nDevelopment of the Moroccan Tendrara Production Concession\n· Phase 1 Micro LNG (''mLNG'') project (''Phase 1'')\no Site preparation activities completed by March 2023\no Completed mLNG tank foundations by May 2023\no Currently, extensive activity taking place offsite with our contractor and its sub-contractors designing and constructing plant equipment for delivery to site late 2023, early 2024\no Design, planning and procurement of equipment of workover of the wells TE-6 and TE-7 progressing with rigless activities planned for later 2023and rig activities scheduled for early 2024.\no Phase 1 LNG delivery scheduled to commence in 2024\n \n· Phase 2 Gas (pipeline) development (''Phase 2'')\no Receipt of binding conditioned term sheet in June 2023, for project financing from exclusive lead arranger, Attijariwafa Bank, Morocco's largest bank\n \nCorporate\n· In June 2023 entered into an exclusivity period and 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\n· 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\n· We have expressed our condolences to all those affected by the Morocco Earthquake of 8th September, and we have offered and given our support in country and continue to do so. As previously announced to the market at the time, our Sidi Moktar well assets are located some 100 kilometres to the northwest of the earthquake epicentre within our Sidi Moktar Onshore exploration permits, these have not been impacted by the earthquake in any way. Our operatio...