Sound Energy PLC – Final Results

Sound Energy PLC – Final Results

Sound Energy, the Moroccan focused upstream oil and gas company, announces its audited final results for the year ended 31 December 2019.

HIGHLIGHTS

 

Morocco

·      Completion of interpretation of seismic data for Eastern Moroccan licences

·      Environmental Impact Assessment ("EIA") approvals for 120-kilometre 20-inch pipeline and gas treatment plant/compression station received in January 2020 and March 2020 respectively

·      EIA approval for Sidi Moktar 2D seismic acquisition programme received in November 2019

·      Marketing process for Eastern Moroccan licences undertaken

Corporate

·      Structural reduction in administrative expenses in 2019 with further material reductions post period end

·      Cash balance as at 31 December 2019 of £4.6 million

·      Equity placing to raise gross proceeds of £2.4 million at 10 pence per ordinary share completed in June 2019

·      Equity placing to raise gross proceeds of £1.5 million at 2 pence per ordinary share announced in December 2019 and completed in January 2020

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