Sound Energy PLC Sidi Moktar Acquisition: Renegotiated Terms (6460K)
23 September 2016 - 4:00PM
UK Regulatory
TIDMSOU
RNS Number : 6460K
Sound Energy PLC
23 September 2016
23 September 2016
Sound Energy plc
("Sound Energy" or the "Company")
Sidi Moktar Acquisition: Renegotiated Terms
Sound Energy, the Mediterranean and African focused upstream
company, reported in March 2016 that it had entered into a binding
agreement with PetroMaroc Corporation Plc ("PetroMaroc") for the
acquisition, subject to conditions precedent including regulatory
approval, of a 50% operated interest in three onshore gas permits
located in Morocco (together the "Sidi Moktar Licences").
Since that date there have been a number of developments that
have impacted that agreement, including the recent increase in the
Company's share price. The parties wish to ensure that their
respective interests are protected in a reasonable and fair manner
and have therefore entered into a revised binding agreement under
which any proceeds from a sale (in whole or in part) of the
21,258,008 new Sound Energy ordinary shares to be issued to
PetroMaroc as consideration on completion of Sound Energy's
acquisition of the Sidi Moktar Licences (the "Consideration
Shares") will be shared between Sound Energy and PetroMaroc as
follows: PetroMaroc will receive all proceeds from sale(s) up to 50
pence per Consideration Share and sale proceeds in excess of 50
pence per Consideration Share will be shared equally between
PetroMaroc and Sound Energy. In addition, the long stop date for
completion of the Acquisition has been extended to 31 December 2016
or such later date as is necessary to satisfy the remaining
conditions precedent.
Sound Energy and PetroMaroc continue to work together
collaboratively to ensure the smooth transition of the Sidi Moktar
Licences.
For further information please contact:
Vigo Communications - Tel: +44 (0)20 7830
PR Adviser 9700
Patrick d'Ancona
Chris McMahon
Alexandra Roper
Sound Energy j.parsons@soundenergyplc.com
James Parsons, Chief Executive
Officer
Smith & Williamson - Nominated Tel: +44 (0)20 7131
Adviser 4000
Azhic Basirov
David Jones
Ben Jeynes
Cantor Fitzgerald Europe Tel: +44 (0)20 7894
- Broker 8896
Sarah Wharry
David Porter
This information is provided by RNS
The company news service from the London Stock Exchange
END
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