Sound Energy has completed the sale of its Sound Energy Meridja subsidiary to Moroccan mining group Managem, receiving cash proceeds of $57 million that will be used to repay all of the company’s outstanding debt, including its Eurobond liabilities.
As part of the same restructuring, Sound Energy’s subsidiary Arran Energy Holdings has relinquished its 27.5% interest in the Anoual Exploration Permit and waived its rights in the Grand Tendrara Exploration Permit. After settling its balance sheet liabilities, the company expects to hold a cash balance of around $11 million.
Chief Executive Majid Shafiq said the transaction gives Sound Energy the financial flexibility to pursue disciplined, cash-generative acquisition opportunities in the renewable and hydrocarbon energy transition space, while the company continues to develop its existing Moroccan businesses: Tayra, its solar power platform, and HyMaroc, its hydrogen and helium exploration venture.
Source: energy-pedia.com