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Latest Sound Energy News
May 15, 2023
05/15/2023 | 04:18am EDT Message : Annual Report & Accounts Continuing to Fuel the Energy Transition Sound Energy is an AIM quoted transition energy-focused business, currently playing an important role in developing lower carbon energy solutions for Morocco. Delivering phased gas developments at Tendrara Maturing and delivering creative financial solutions to grow the business Further infrastucture-led exploration and appraisal to unlock additional gas resources Diversification and portfolio development Read more in the Financial Review on pages 22 to 23 Operational Highlights Construction of LNG storage tank and wellhead maintenance continues at site Work has included site preparation, excavation for the tank foundation, laying the concrete base for the tank foundation and several other activities Reduced operating cost by 7% Phase 2 Commenced potential partner selection process and received non-binding indications of interest from credible and well-funded parties Developed relationships with various vendors to conduct Engineering, Procurement, Construction ("EPC") and potentially Operations and Maintenance activities for Phase 2 development Continued negotiations with Attijariwafa bank on arrangement of a long-term project senior debt facility Exploration Approval of the Company's application to enter the optional First Complementary Period under the Grand Tendrara Exploration Permits consisting of 2 years to 1 October 2024 by ONHYM - commitment to drill one well (awaiting final approval from Moroccan Energy and Finance Ministry) 12-monthextension to the Anoual Exploration Permits initial period to January 2023 by ONHYM (subject to final approval from Moroccan Energy and Finance Ministry) 12-monthextension to the Sidi Moktar Exploration Permits initial period to October 2023 (subject to final approval from Moroccan Energy and Finance Ministry) Net 2C Resources1 283 Bcf 1 2C certified by RPS Energy Consultants Limited 2018, net (75%) recoverable resources, includes non- hydrocarbons, common examples of which are carbon dioxide and nitrogen. Our investment Largest onshore operator in Morocco and focused leadership team with track record of delivering value Advanced in monetising Tendrara's significant 377 Bcf1, 2C gross (100%) discovered gas resource through an innovative phased development Scalable Phase 1 mLNG FID sanctioned 2022 with First Gas expected within 24 months, unlocking the route to cash flow Phase 2 pipeline gas sales, preparation for FID, and thereafter, before first revenue in around 24 months, generating significant value Read more in Reserves and Resources on pages 14 to 15 Value upside as trading at a deep discount to Net Asset Value supported by SP Angel equity research valuation Assessing a basket of Energy Transition growth opportunities in, and beyond, Morocco Multiple near-term catalysts for a re-rating with attractive ESG credentials View our Corporate website www.soundenergyplc.com 1 2C certified by RPS Energy Consultants Limited 2018, gross (100%) recoverable resources, includes non-hydrocarbons, common examples, two of which are carbon dioxide and nitrogen. Contents Greater Tendrara Strategic relevance Exploration potential in the Triassic TAGI reservoir of 7.52 Tcf gross/5.64 Tcf net (arithmetical sum of mid-case unrisked GIIP) identified in sub-salt concepts, leads and prospects Ownership ONHYM holds the remaining 25% interest Partnerships Anoual Strategic relevance Exploration potential in the Triassic TAGI reservoir of 11.51 Tcf gross/8.63 Tcf net (arithmetical sum of mid-case unrisked GIIP) identified in the sub-salt concepts, leads and prospects Ownership ONHYM holds the remaining 25% interest Partnerships Sidi Mokhtar Strategic relevance Unrisked exploration potential 8.9 Tcf gross/6.7 Tcf net (arithmetical sum of mid-case unrisked GIIP) TCF gross original gas in place. Sound believes the pre-salt plays have been overlooked in the region Ownership ONHYM holds the remaining 25% interest Partnerships Read more in the Market Drivers on pages 06 to 07 Tahaddart Power Our Vision Fuelling the energy transition through a focused and compelling value proposition, we assess multiple opportunities to develop, diversify and grow our business organically, and inorganically, in Morocco and beyond. The future 1 energy transition and view gas and mLNG as transition fuels. Portfolio diversification: We see portfolio 2 diversification as a key strategy in reducing risk and optimising shareholder returns. Sustainable shareholder value: We continue to 3 work towards revenue generation via our Phase 1 and Phase 2 projects. Strategic Report We are aligned to the following UNSDGs Social We are committed to making a positive contribution to the communities in which we operate. Our operations will deliver energy, jobs and investment into local communities and the wider economy, and we are committed to delivering this in the most sustainable manner. Governance
Sound Energy Frequently Asked Questions (FAQ)
When was Sound Energy founded?
Sound Energy was founded in 2005.
Where is Sound Energy's headquarters?
Sound Energy's headquarters is located at Sevenoaks.
What is Sound Energy's latest funding round?
Sound Energy's latest funding round is IPO.
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