Sound Energy Says Progress Made in Satisfying Conditions for Afriquia Contract

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by Joe Hope

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Sound Energy Plc said on Wednesday that it is making progress towards meeting outstanding terms for a 10-year contract with Afrikaia Gaz SA for liquefied natural gas from its Tendra project in Morocco.

The energy company said the date for which the terms of the Phase 1 liquefied natural gas sale agreement, or LNG GSA, have to be met, has been extended to December 17.

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Sound Energy said that it has fulfilled all the conditions under its direct control and the remaining condition pertains to entering into a debt note agreement with Afriqia. Other unfulfilled conditions are likely to be waived, it said.

The company first said on 29 July that it had signed a contract with Afriqia for at least 100 million cubic meters of LNG a year. Afriquia is a subsidiary of the Moroccan conglomerate Akwa Group.

“We are confident that all conditions prior to the LNG GSA will be met soon and as a result can announce a ‘notice to proceed’ with Phase 1 development,” said Acting Chairman Graham Lyons.

Write to Joe Hope at [email protected]

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