Business
Sale of SEML & Relinquishment of Exploration Right
Sound Energy PLC has entered into a binding agreement to sell its interests in the Tendrara Exploitation Concession in Morocco to Managem SA for US$57 million, which includes the repayment of shareholder loans. The company is also relinquishing its exploration interests in Anoual and Grand Tendrara permits. These proceeds will be used to repurchase EUR 28.8 million of its 5.0% Senior Secured Notes, aiming to achieve a debt-free balance sheet with an estimated cash balance of US$11 million post-transaction, enabling the pursuit of new energy transition ventures. The sale is conditional on shareholder approval and other customary conditions, with completion anticipated by July 31, 2026. Disclaimer*
About this update from Sound Energy Plc
[{"type":"text","content":"\n\nThe information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (\"MAR\"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.\n \n26 May 2026\n \nSound Energy PLC\n \n(\"Sound Energy\", the \"Company\" and together with its subsidiary undertakings the \"Group\")\n \nConditional Sale of Sound Energy Meridja Limited and Relinquishment of Arran Energy's Exploration Interests\nPublication of Eurobond Restructuring Proposals \n \nSound Energy PLC (AIM:SOU), the AIM quoted transition energy company, announces it has entered into a binding Sale and Purchase Agreement (the \"SPA\") for the divestment of the Company's interests in the Tendrara Exploitation Concession (20%), onshore Morocco, by way of the disposal of the entire share capital of Sound Energy Merijda Limited (\"SEML\") to Managem SA (\"Managem\"). The Company will receive aggregate proceeds of US$57 million (subject to working capital adjustments) comprising a nominal consideration of one USD for the shares in SEML together with the repayment of shareholder loans advanced by the Company to SEML.\n \nIn addition, the Company announces the relinquishment of its 27.5% interest in the Anoual Exploration Permit and the waiving of any subsisting rights in the Grand Tendrara Exploration Permit. A proposal for the early redemption of its outstanding Eurobonds is also announced; using the proceeds from the disposal of SEML to repurchase the EUR 28.8 million 5.0% Senior Secured Notes (the \"Notes\") and strengthen the Company's balance sheet. \n \nHighlights\n§ Sound Energy's sale of SEML to Managem marks an exit from its long-standing involvement in the Tendrara onshore gas development project;\n§ Relinquishment of the Company's 27.5% non-operated interest in the Anoual Exploration Permit;\n§ Waiving of any subsisting rights in the Grand Tendrara Exploration Permit;\n§ Proposed Eurobond restructuring to repurchase the Notes prior to their December 2027 redemption date offers an opportunity to ...