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    Sound Energy Seeking Co-Investor for Tendrara Gas Operation in Morocco

    Sound Energy officially announces launching the formal farm-out process for the second phase of the Tendrara gas project in Morocco.

    10 Aug 2022

    Rabat - The British energy company Sound Energy is looking to partner with another investor to carry out phase II of the Tendrara and Anoual gas exploration permit in North Eastern Morocco.

    Sound Energy officially announced today launching the formal farm-out process for the second phase of the Tendrara gas project in Morocco, according to a company statement.

    The statement explains that Sound Energy has already hired an Edinburgh-based financial advisor, Gneiss Energy, to oversee the operation.

    In June, the British gas company locked £250 million in funding from the Moroccan bank Attijariwafa to cover a large part of its capital-intensive venture valued at $330 million.

    The company says that it continues to progress with a number of banking advisors. It is also exploring the possibility of opting for alternative financing solutions to raise the $60 million in funding it needs to meet its 75% interest in the project.

    Under its initial agreement with Moroccan authorities, Sound Energy holds 75% interest in the gas drilling permit, while Morocco’s National Bureau for Hydrocarbons and Minerals (ONHYM) holds 25% interest.

    Finding a co-investor would allow Sound Energy to fund phase II of the Tendra permit as well as exploration and appraisal drilling operations within the Greater Tendrara and Anoual exploration permits, adds the company’s statement.

    Commenting on the news, Sound Energy's Executive Chairman, Graham Lyon, said: “Our re-evaluation of the potential of the Greater Tendrara and Anoual exploration permits has high-graded three drilling targets, two of which have previously encountered gas shows.”

    Lyon further explained that potential discoveries could be brought online using existing infrastructure in the region.

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