Sound Energy PLC Directorate Change and Update re Tendrara GSA MOU (6158R)
01 July 2020 - 4:00PM
UK Regulatory
TIDMSOU
RNS Number : 6158R
Sound Energy PLC
01 July 2020
1 July 2020
Sound Energy plc
("Sound Energy" or the "Company")
Appointment of Independent Non-Executive Director
Update re Tendrara Gas Sales Agreement MOU
Sound Energy, the Moroccan focused upstream gas company, is
pleased to announce the appointment of David Blewden as Independent
Non-Executive Director of the Company with effect from 1 July
2020.
David has assumed the role of chair of the Company's Audit
Committee and has also been appointed to the Sound Energy
Remuneration & Nominations Committee.
David Blewden is currently the CFO of Sunny Hill Energy Ltd
(formerly Petroceltic International), a UK private E&P company,
and has been in that position since October 2016. He is also
currently a Non-Executive Director of Gulf Marine Services plc
(LSE:GMS), and from 2015 to January 2020 was a Non-Executive
Director of New Age (African Global Energy) Limited, a private
E&P company. From 2010 to 2016, David was the CFO of Sterling
Resources Ltd, a TSX-V listed Canadian E&P company and prior to
that he held CFO positions at several start-up and private E&P
companies, and worked at Yukos Oil Company from 2002 to 2006 where
he was Head of Corporate Finance. Prior to Yukos he worked at
several investment banks, including UBS and Citigroup, and started
his career as a Petroleum Engineer at Shell.
In addition to his appointment to the Sound Energy Board, David
Michael Blewden, aged 60, holds or has held the following
directorships or partnerships in the past five years.
Current Previous (last 5 years)
Gulf Marine Services plc New Age (African Global Energy)
Limited
--------------------------------
Philipshill Consulting Limited Midia Resources SRL
--------------------------------
Tendrara Pipeline Development - Gas Sales Agreement MOU
The Company announced on 1 April 2020 that it had, in principle,
agreed a further amendment to the gas sales agreement ("GSA")
memorandum of understanding ("MOU") with Morocco's Office National
de l'Electricité et de l'Eau Potable ("ONEE") in order to extend
the period for negotiations of a final GSA in relation to the
pipeline led phase 2 development of the Tendrara Production
Concession to 30 June 2020 (the "Amendment") but that, as at the
date of that announcement and due to COVID-19 related travel
restrictions, it had not been possible for the parties to enter
into the Amendment.
Due to continuing COVID-19 restrictions, the parties have not
been able to execute the Amendment. However, and notwithstanding
the period for negotiations set out in the MOU having expired, the
Company confirms that GSA negotiations between the parties have
continued, and continue, in good faith throughout this period of
disruption.
Graham Lyon, Sound Energy Chairman, commented:
"We are delighted to welcome David to Sound Energy. His
extensive industry, financial and public markets experience will
add significant value to the Board of Directors. I, and the rest of
the Sound Energy Board, very much look forward to working with
David whilst continuing to take the Company forward. I am also
encouraged by ONEE's ongoing cooperation in seeking to conclude
matters notwithstanding the difficulties presented by
COVID-19."
For further information please contact:
Vigo Communications - PR Adviser Tel: 44 (0)20 7390
Patrick d'Ancona 0230
Chris McMahon
Sound Energy questions@soundenergyplc.com
Graham Lyon, Executive Chairman
Tel: 44 (0)20 7397
Cenkos Securities - Nominated Adviser 8900
Ben Jeynes
Russell Cook
Turner Pope Investments (TPI) Ltd - Broker Tel: (0)20 3657 0050
Zoe Alexander
Andy Thacker
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END
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