UK company Sound Energy has extended its binding Gas Sale and Purchase Agreement (GSA) for the development of Phase 2 of the Tendrara production concession with the Office National des Hydrocarbures et des Mines (ONHYM).
Sound Energy and the Office national de l’Electricité et de l’eau potable (ONEE) have agreed to a 90-day extension period of the GSA agreement, after progress has been made in particular in the preparation of the entry into force agreements of the gas pipeline, term sheets (sheets of conditions), announced the British company. The latter will have to deliver to the Maghreb-Europe gas pipeline (GME) up to 350 million cubic meters of natural gas per year for 10 years under this agreement between ONEE and Sound Energy. The British company adds that further announcements will be made, if any, in due course.
“Progress on the various terms over the past 90 days is encouraging to all, particularly the interest from local and international funding partners and as such the extension of the GSA agreement is welcome. We are delighted with this confirmation that the UK-Morocco, ONHYM and Sound Energy partnership is working well,” comments Graham Lyon, Executive Chairman of Sound Energy.
“Graham Lyon, Executive Chairman of Sound Energy reported that it has entered into the GSA, which is in addition to the conditional gas sales agreement related to the company’s TE-5 Horst Phase 1 liquefied natural gas development. with Afriquia Gaz and announced by the Company on July 29, 2021, alongside its agreement with the state-owned ONHYM Tendrara Production Concession partner and with the Group the “Tendrara JV Partners)”, indicated on November 29 last the gas company British in a press release.