The Moroccan focused upstream oil and gas company yesterday released an update in relation to its micro liquified natural gas (‘mLNG’) phase 1 development plan for the TE-5 Horst development (the ‘Phase 1 Development’) at its Tendrara Production Concession (the ‘Concession’).
The signing of a Heads of Terms (‘HoT’) and award of exclusivity with a Moroccan conglomerate (the ‘Partner’), which has significant domestic liquified petroleum gas, butane and propane distribution and marketing operations, for the purchase of LNG represents an important step toward delivery of Sound’s production development plans.
Key commercial terms have been outlined along with the proposed Partner’s partial funding in the form of both an equity subscription and a secured commercial loan.
This is being pursued in tandem with the Concession’s full field development plan that is centred around the development of a 120km pipeline and central processing facility (the ‘Phase 2 Development’).
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