Managem has reached a critical milestone in its acquisition of Sound Energy Morocco East (SEME), a subsidiary of Sound Energy. The company’s board of directors has given final approval, solidifying the agreement announced on June 14.
While this approval marks significant progress, several conditions must still be met before the acquisition becomes final. Sound Energy has promised to provide updates on the transaction’s progress in due course.
“We are very pleased to have received formal approval from Managem’s Board of Directors for the transaction and are working to meet all remaining conditions for the acquisition in the short term. In the meantime, a transition plan is being implemented with the Managem team to ensure a smooth handover,” said Graham Lyon, Executive Chairman of Sound Energy.
The gas portfolio being acquired is located in eastern Morocco and spans an extensive area of 23,000 square kilometers. It includes the Tendrara concession, which covers 133.5 square kilometers. This concession has a 25-year exploitation license starting in 2018 and contains estimated resources of 10.67 billion cubic meters of natural gas.
Upon completion of the transaction, the ownership structure of the Tendrara project will be as follows: Managem will hold 55%, Sound Energy Meridja Ltd will retain 20%, and the National Office of Hydrocarbons and Mines (ONHYM) will have 25%.
This acquisition represents a strategic expansion for Managem, enhancing its presence in Morocco’s natural gas sector and reinforcing its commitment to developing the country’s energy resources.
