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Sound Energy to Exit Tendrara Onshore Gas Development Project in Morocco

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Sound Energy (SOU.L) entered a binding deal to sell its entire share capital in the Sound Energy Merijda unit to Morocco-based Managem.

The deal will mark the transition energy company's exit from the Tendrara exploitation concession by disposing of its 20% interest in the onshore project in Morocco, according to a Tuesday filing.

The company will also relinquish its 27.5% interest in the Anoual exploration permit and waive any remaining rights in the Grand Tendrara exploration permit.

The proceeds will be used to repurchase outstanding 28.8 million-euro 5% senior secured notes before their December 2027 maturity.

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