Sound Energy announces half-yearly report for the six months ended 30 June 2020

Sound Energy announces half-yearly report for the six months ended 30 June 2020

Sound Energy, the Moroccan focused upstream oil and gas company, has announced its unaudited half-year report for the six months ended 30 June 2020.

OPERATIONAL AND CORPORATE HIGHLIGHTS

  • Liquefied Natural Gas (‘LNG’) Heads of Terms signed with a leading Moroccan Energy Group
  • 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
  • Successful renegotiation of the terms of the Anoual exploration permit in July 2020

FINANCIAL SUMMARY

  • Structural reduction in administrative expenses by 57% compared with H1 2019
  • Total Cash balances as at 30 June 2020 of £4.2 million
  • 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
  • Equity placing post period end to successfully raise additional £3.2 million after costs at 2.125 pence per ordinary share in August 2020
  • Continued focus on disciplined cost and cash management

For full report click the link below

Source: EnergyPedia

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