Sound Energy, the AIM quoted transition energy company, has announced 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 , which was previously announced on 26 May 2026.
The Company's subsidiary, Arran Energy Holdings, 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.'
Source: Sound Energy
