Sound Energy announces extension to Phase 1 Development LNG SPA in Morocco
02-11-2021 07:52:00 | by: Pie Kamau | hits: 1843 | Tags:

Sound Energy and Afriquia Gaz announced they have agreed an extension to the period during which the contractual conditions precedent to the Phase 1 LNG Sale & Purchase Agreement announced on 29 July 2021 (the "LNG SPA") in Morocco, are required to be satisfied until the 30 November 2021.

According to the 29 July 2021 announcement, the LNG SPA is conditional upon fulfilment of certain conditions precedent and the extension now agreed is expected to allow those conditions precedent not yet satisfied, relating to the plant development contract, financing and remaining regulatory approvals to be documented contemporaneously.

Graham Lyon, Sound Energy's Executive Chairman said, "Much work has been completed in the last months to conclude all conditions precedent to the LNG SPA in London, Rabat and Pescara. We are confident that all conditions precedent to the LNG SPA will be satisfied and FID and the 'Notice to Proceed' with Phase 1 development can be announced and all contracts executed."