Sound Energy (SOU)

Sector:

Energy Producers

Index:

FTSE AIM All-Share

1.25p
   
  • Change Today:
      0.080p
  • 52 Week High: 2.90
  • 52 Week Low: 1.04
  • Currency: UK Pounds
  • Shares Issued: 1,848.70m
  • Volume: 2,816,941
  • Market Cap: £23.11m
  • RiskGrade: 409

Deal with Barclays    Trade now with Barclays Stockbrokers

Sound Energy gives Tendrara contractor notice to proceed

By Josh White

Date: Wednesday 16 Feb 2022

LONDON (ShareCast) - (Sharecast News) - Sound Energy announced the issue of a notice to proceed to its contractor to Italfluid Geoenergy on Wednesday, for the Tendrara Concession mLNG Facilities project, onshore Morocco.
The AIM-traded firm said the notice was issued to the contractor by its wholly-owned subsidiary Sound Energy Morocco East (SEMEL) and, following an initial payment of $5m by SEMEL, would oblige the contractor to execute the works for a gas processing and liquefaction facility, as part of the first phase of development of the Tendrara Concession.

Following the issue of the notice, the company said it had also notified Afriquia Gaz that, under the loan note subscription agreement, all necessary undertakings and agreements had been completed and that the project contract was now in full force and effect.

As a result, the loan note subscription was also now in full force and effect, and the group said it intended to immediately draw down part of the funds available under it to meet the initial payment.

"We are delighted to have issued the notice to proceed to Italfluid and to have satisfied all conditions to give effectiveness to both the project contract and loan note subscription agreement, which means that following receipt of the initial payment by Italfluid, the execution phase of our fully funded phase one micro LNG development of the Tendrara Concession will be underway," said executive chairman Graham Lyon.

"This is a key milestone for the company and we look forward to working with our strategic partners, Italfluid and Afriquia Gaz, together with our joint venture partner, ONHYM, in developing the project and delivering gas to the Moroccan market in around two years."

At 1244 GMT, shares in Sound Energy were up 5.5% at 1.9p.

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 1.25p
Change Today 0.080p
% Change 6.84 %
52 Week High 2.90
52 Week Low 1.04
Volume 2,816,941
Shares Issued 1,848.70m
Market Cap £23.11m
RiskGrade 409

Sound Energy Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
90.31% above the market average90.31% above the market average90.31% above the market average90.31% above the market average90.31% above the market average
88.24% above the sector average88.24% above the sector average88.24% above the sector average88.24% above the sector average88.24% above the sector average
Price Trend
32.7% below the market average32.7% below the market average32.7% below the market average32.7% below the market average32.7% below the market average
44.83% below the sector average44.83% below the sector average44.83% below the sector average44.83% below the sector average44.83% below 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 30-Sep-2022

Time Volume / Share Price
12:10 55,896 @ 1.23p
12:06 43,737 @ 1.26p
10:32 850,000 @ 1.23p
10:28 4,484 @ 1.23p
10:04 11,428 @ 1.26p

Top of Page