Completion of Disposal
Summary by AI BETAClose X
4th August 2026
Sound Energy PLC
("Sound Energy", the "Company" and together with its subsidiary undertakings the "Group")
Completion of the Disposal of Sound Energy Meridja Limited
and Relinquishment of Arran Energy Exploration Interests
Sound Energy PLC (AIM:SOU), the AIM quoted transition energy company, is pleased to announce that following shareholder approval and the fulfilment of outstanding conditions precedent it has now completed the sale of Sound Energy Meridja Limited ("SEML") to Managem SA ("Managem"), which was previously announced on 26 May 2026 (the "Disposal").
The Company's subsidiary, Arran Energy Holdings Limited ("Arran"), has also relinquished its 27.5% interest in the Anoual Exploration Permit and has waived its rights in the Grand Tendrara Exploration Permit.
The Company received cash proceeds of US$57 million (prior to working capital adjustments) which will be utilised to repay all of its outstanding debt, including its Eurobond liabilities on the terms announced on 12 June 2026. Following settlement of all of its balance sheet liabilities, the Company is expected to have a cash balance of circa US$11 million.
The strengthened balance sheet provides the financial flexibility to pursue disciplined, cash-generative acquisition opportunities in the renewable and hydrocarbon energy transition space and is expected to improve the Company's access to both the equity and debt capital markets. Alongside this acquisition strategy, the Company will continue to develop in Morocco, Tayra, its solar power platform, and HyMaroc, its hydrogen and helium exploration business.
Majid Shafiq, Chief Executive Officer, commented:
"Today's announcement is much more than the completion of a transaction. It marks the successful execution of the plan we set out in May and gives Sound Energy the platform to move into the next phase of its growth. Our focus now is on execution. We have capital to invest, a clear investment strategy and are already evaluating opportunities that can build a larger, diversified and cash-generative energy business. At the same time, we remain committed to developing our existing businesses in Morocco. I believe we now have the financial strength and flexibility to deliver on our strategy.
I would also like to thank our partner, Managem, for the excellent working relationship we have built over the last two years and for their collaborative approach in bringing this transaction to a successful conclusion. We wish them every success in the continued development of the Tendrara project."
Note regarding forward-looking statements
This announcement contains certain forward-looking statements relating to the Company's future prospects, developments and business strategies. Forward-looking statements are identified by their use of terms and phrases such as "targets" "estimates", "envisages", "believes", "expects", "aims", "intends", "plans", "will", "may", "anticipates", "would", "could" or similar expressions or the negative of those, variations or comparable expressions, including references to assumptions.
The forward-looking statements in this announcement are based on current expectations and are subject to risks and uncertainties, which could cause actual results to differ materially from those expressed or implied by those statements. These forward-looking statements relate only to the position as at the date of this announcement. Neither the Directors nor the Company undertake any obligation to update forward looking statements, other than as required by the AIM Rules for Companies or by the rules of any other applicable securities regulatory authority, whether as a result of the information, future events or otherwise. You are advised to read this announcement and the information incorporated by reference herein, in its entirety. The events described in the forward-looking statements made in this announcement may not occur.
For further information please visit www.soundenergyplc.com, follow on X @soundenergyplc and LinkedIn or contact:
|
Sound Energy plc c/o Flagstaff Communications Majid Shafiq CEO |
|
|
Flagstaff Strategic and Investor Communications Tim Thompson, Mark Edwards, Alison Allfrey |
sound@flagstaffcomms.com +44 (0)207 129 1474 |
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Zeus - Nominated Adviser and Broker James Joyce, Darshan Patel, Liv Highton (Investment Banking) Simon Johnson (Corporate Broking) |
+44 (0)20 3829 5000 |
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