Shares Magazine
Sound Energy said it had signed a non-binding agreement to sell its natural gas production in the Tendrara concession in eastern Morocco. The memorandum of understanding had been signed with state power company Office National de l'Electricite et de l'Eau Potable. It covered the first 0.5bn cubic metres per annum of production of natural gas, with the arrangements for further production above that level intended to be negotiated in the final gas sales agreement. The memorandum of understanding stipulated a 10-year initial term commencing on the date of signature of the sales agreement, and automatically renewing for further periods of five years thereafter.
