The Competition Council, chaired by Ahmed Rahhou, gave its approval on September 23 for Managem Group to acquire 100% of the capital and voting rights of Sound Energy Morocco East Limited. This acquisition allows Managem to gain full control of the company.
Managem, a leading mining group, had previously announced in June that it was expanding into natural gas through the creation of an industrial natural gas division. As part of this strategy, the group entered a competitive process against international investors and successfully secured the acquisition of Sound Energy Morocco East Limited (SEME).
The deal includes the acquisition of 55% of the exploitation concession of Tendrara, 47.5% of the Grand Tendrara exploration permit, and 47.5% of the Anoual exploration permit. Once the transaction is finalized, the Tendrara project will be owned 55% by Managem Group, 20% by Sound Energy Meridja Ltd, and 25% by ONHYM (National Office of Hydrocarbons and Mines).
Located in Morocco’s eastern province, the gas assets involved in the deal cover approximately 23,000 square kilometers. The Tendrara concession itself includes a 133.5 square-kilometer exploitation license, granted for a 25-year period starting in 2018, with an estimated resource of 10.67 billion cubic meters of natural gas.
