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Sale of Sound Energy PLC’s Moroccan gas assets to Managem

Sound Energy PLC has sold its Moroccan subsidiary to Managem for $45.2 million, with the aim of developing production in the Tendrara gas field.
Vente des actifs gaziers marocains de Sound Energy PLC à Managem.
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UK-based Sound Energy PLC has announced the sale of its subsidiary, Sound Energy Morocco East Limited, to Managem, Morocco’s leading mining group. This transaction, worth a total of $45.2 million, represents a key step in the development of the Tendrara gas field in eastern Morocco. The Tendrara gas field is scheduled to begin production of 100 million cubic meters per year as early as next year. Managem stated in a press release that this production could be increased to 280 million cubic meters, once the field is connected to the existing gas pipeline linking Morocco to Spain. This infrastructure is crucial to the expected growth in Moroccan natural gas exports to Europe.

Management Strategy and Future Projects

Managem CEO Imad Toumi said the group was actively seeking to acquire other gas assets in Africa. This expansion strategy is part of a broader vision to diversify energy resources and increase natural gas production to meet growing demand. At the same time, Sound Energy will retain a 20% interest in the Tendrara production concession and a 27.5% interest in the Grand Tendrara and Anoual exploration concessions, enabling them to remain involved in the future development of these resources.

Outlook for the Moroccan Gas Market

Morocco currently imports the majority of its gas requirements, estimated at 1 billion cubic meters per year. These imports are sufficient to power two small power plants in the north-west and north-east of the country. However, Morocco’s natural gas requirements are set to increase considerably to 8 billion cubic meters, according to estimates by the Ministry of Energy. This increase is motivated by the country’s efforts to reduce its carbon footprint and increase the use of renewable energies. In addition to its activities in Morocco, Managem operates in six other African countries, producing various metals such as cobalt, copper, zinc, gold and silver. This diversification of activities strengthens Managem’s position as a major player in the mining and energy sectors in Africa. This transaction between Sound Energy PLC and Managem marks a significant step in the development of the Moroccan energy sector. It also underlines the importance of strategic partnerships and investments to expand natural gas production capacity in Africa. By strengthening its infrastructure and increasing production, Morocco is positioning itself to meet growing energy demand and reduce its dependence on gas imports.

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