News listings

energy-pedia development and production

Morocco flagMorocco

Middle East / Africa >>> Morocco

Morocco: Sound Energy appoints Attijariwafa Bank re Tendrara development financing

23 Jun 2022

Photo - see caption

Sound Energy, the transition energy company, has entered into an Arrangement and Mandate letter with Attijariwafa bank of Morocco (the 'Arranger') under which the Company has mandated the Arranger in relation to the arrangement of debt financing in relation to the development of Sound Energy's Tendrara Production Concession (the 'Agreement').

 Pursuant to the Agreement, the Arranger has been mandated, and provided with exclusivity by the Company for a period of eight months, to arrange a long-term senior debt facility with a term of no more than 12 years of up to 2.250 billion Moroccan dirhams (approx. US$250 million) for the partial financing of the currently estimated 3.000 billion Moroccan dirhams (approx. US$330 million) phase 2 development cost of the Tendrara Production Concession.

During the term of exclusivity, the parties will seek to negotiate binding terms for the Financing within 120 days of entry of the Agreement. The Agreement envisages that any Financing arranged pursuant to the Agreement may be provided directly and/or partially underwritten directly by the Arranger or by third parties.

Graham Lyon, Sound Energy's Executive Chairman, commented:

'Today's announcement confirms the support Sound Energy has with local financiers to undertake the Tendrara pipeline project development. Attijariwafa bank is a leading bank in Morocco and has provided Sound Energy with a compelling case to seek to provide the majority of Project Finance for the development. The Company is also progressing potential vendor financing, secondary subordinated debt and partial asset disposal options to fulfil the remaining element of Project financing required to achieve year end FID. This mandate is a significant step towards reaching Final Investment Decision unlocking further the value of Tendrara Concession to Sound Energy shareholders, that can aid the provision of economical and secure gas supply for the local Moroccan power production and domestic markets.  Domestic gas supply remains a highly credible energy source for Morocco amongst the difficult geopolitical situation of international energy supply'.

Original article link

Source: Sound Energy

Bookmark and Share

A global information service for upstream oil and gas opportunities - divestitures, farmins and farmouts and licensing rounds.

Subscriber Only Deals

Current Deals

Current Upstream Deals: 303

Completed Deals

Completed Upstream Deals: 6295

Company Profiles

Current Company Profiles: 2830

Corporate Activity

Current Corporate Activity articles: 3906

Companies Looking

Current number of articles: 453

Company Sales

Current Company Sales articles:1542


Current Geostudies articles: 861

How to subscribe

energy-pedia Jobs

RSS Feed Widget
See all jobs...

energy-pedia Databank

The energy-pedia databank contains links to information on the world financial and energy markets, including share prices, oil and gas prices and the global stock exchanges. Read more...

energy-pedia Glossary

A list of commonly used terms in the oil and gas industry. Read more...


Subscribe to the FREE
energy-pedia Daily Newsletter

Government of South Australia
SLR Consulting logo
Union Jack Oil 149
KL Publishing
About energy-pedia

energy-pedia news is a FREE news service written and edited by E and P professionals for E and P professionals.

We don't just report the news, we give you the technical background as well, with additional information derived from our unique energy-pedia opportunities service.
Contact us

energy365 Ltd

238 High Street
London Colney
St Albans

Tel: +44(0)1727 822675