Sound Energy (SOU)

Sector:

Energy Producers

Index:

FTSE AIM All-Share

2.85p
   
  • Change Today:
    -0.050p
  • 52 Week High: 3.00
  • 52 Week Low: 1.25
  • Currency: UK Pounds
  • Shares Issued: 1,665.52m
  • Volume: 9,116,563
  • Market Cap: £47.47m
  • RiskGrade: 409

Sound Energy enters loan agreements to advance Tendrara

By Josh White

Date: Wednesday 29 Dec 2021

LONDON (ShareCast) - (Sharecast News) - Sound Energy has entered binding conditional agreements over $18m of phase one Tendrara LNG development loan note financing, it announced on Wednesday.
The AIM-traded firm said that as a result, with the other remaining conditions precedent to the phase one LNG gas sales agreement announced by the company on 29 July now waived by the parties, the LNG gas sales agreement was now unconditional.

In satisfying the final material condition, the company said it had entered into agreements with the lender Afriquia Gaz for an $18m 6% secured loan note maturing in December 2033.

The loan, which was secured on the issued share capital of Sound Energy Meridja, would be available to be drawn down in whole or in tranches at the company's choosing, over a three-year period from 24 December, and would be applied towards the development of the Tendrara production concession.

Interest on the drawn principal of the loan of a fixed 6% per annum would be payable quarterly, but deferred and capitalised semi-annually until the second anniversary of entry of the loan agreements.

After that, principal and deferred interest would be repayable annually in equal instalments starting seven years from the date of execution of the loan agreements.

Conditions of the loan included a project contract with Italfluid Geoenergy for the provision of a gas processing and liquefaction facility relating to the phase one development being effective and evidence being provided to the lender of the issue by the Tendrara joint venture partners of a 'notice to proceed' to Italfluid.

"We are delighted to have executed all loan note documentation which ensures that Sound Energy will be fully funded for its share of phase one development capital," said executive chairman Graham Lyon.

"This is a key milestone for the company and we will now move to issuing the notice to proceed to Italfluid and drawing down initial funding from the Afriquia Gaz loan in order to proceed with execution of the phase one development."

At 1121 GMT, shares in Sound Energy were flat at 2.45p.

Email this article to a friend

or share it with one of these popular networks:


Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

Sound Energy Market Data

Currency UK Pounds
Share Price 2.85p
Change Today -0.050p
% Change -1.72 %
52 Week High 3.00
52 Week Low 1.25
Volume 9,116,563
Shares Issued 1,665.52m
Market Cap £47.47m
RiskGrade 409

Sound Energy Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
77.98% above the market average77.98% above the market average77.98% above the market average77.98% above the market average77.98% above the market average
54.43% above the sector average54.43% above the sector average54.43% above the sector average54.43% above the sector average54.43% above the sector average
Price Trend
95.00% above the market average95.00% above the market average95.00% above the market average95.00% above the market average95.00% above the market average
70.45% above the sector average70.45% above the sector average70.45% above the sector average70.45% above the sector average70.45% above the sector average
Income Not Available
Growth Not Available

What The Brokers Say

Strong Buy 1
Buy 0
Neutral 0
Sell 0
Strong Sell 0
Total 1
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Sound Energy Dividends

No dividends found

Trades for 20-May-2022

Time Volume / Share Price
16:35 745,385 @ 2.85p
16:33 500,000 @ 2.85p
16:18 34,129 @ 2.90p
15:44 150,000 @ 2.90p
15:41 8,898 @ 2.86p

Top of Page