{"id":114962,"title":"Graham Lyon, Executive Chairman of Sound Energy PLC (SOU.L) Interview","publisher":"Share Talk","author":"sharetalk","published":"2024-06-17T10:34:27+00:00","modified":"2024-06-17T10:34:27+00:00","canonical_url":"https://www.share-talk.com/graham-lyon-executive-chairman-of-sound-energy-plc-sou-l-interview/","markdown_url":"https://www.share-talk.com/graham-lyon-executive-chairman-of-sound-energy-plc-sou-l-interview.md","json_url":"https://www.share-talk.com/graham-lyon-executive-chairman-of-sound-energy-plc-sou-l-interview.json","category":"Energy","categories":["Energy","Exclusive Interviews"],"tags":["Africa","Imad Toumi","Morocco","Morocco East Limited","SOU","Sound Energy","Spain"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2024/06/SOU-15-JUNE.webp?fit=1200%2C800&quality=80&ssl=1","format":"news","language":"en-GB","content":"On Friday, UK gas company Sound Energy PLC (SOU.L) announced that it has sold its subsidiary, Sound Energy Morocco East Limited, to Morocco’s largest mining company, Managem.\n\nAccording to Sound Energy, the [transaction totals $45.2 million](https://www.voxmarkets.co.uk/rns/announcement/f78542fc-e0ee-479f-856f-8e3059f3217e) and is crucial for advancing production in the eastern Morocco gas field, Tendrara. Managem stated that the Tendrara field will begin production next year, with an expected annual output of 100 million cubic meters.\n\nManagem plans to boost production at the Tendrara field to 280 million cubic meters once it is connected to an existing gas pipeline linking Morocco to Spain, the company added. Managem’s CEO, Imad Toumi, mentioned in the statement that the group is actively seeking other gas assets in Africa.\n\nAs part of the deal, Sound Energy will retain a 20% interest in the Tendrara Production concession and a 27.5% working interest in both the Grand Tendrara Exploration Concession and the Anoual exploration permit.\n\nCommenting, Graham Lyon (Executive Chairman of Sound Energy) said: “We are very pleased to have entered into this binding Share sale to an excellent counterparty Managem SA.  The share sale transaction of our UK company subsidiary, the Permits Owner, is structured to allow a smooth transition to Managem whilst bringing Sound Energy two new exciting exploration drills, substantial funding for the phase 2 development and past costs. There is also a production bonus once Phase Two gas is delivered”.\n\nBesides Morocco, Casablanca-listed Managem operates in six other African countries, producing cobalt, copper, zinc, gold, and silver. Currently, Morocco imports the majority of its gas requirements, estimated at 1 billion cubic meters (bcm), which is sufficient to power two small stations in the northwest and northeast regions.\n\nAccording to the energy ministry’s estimates, the country’s gas needs are expected to increase to 8 bcm as it aims to reduce its carbon footprint.\n\n "}