Sound, ONEE extend deadline for Moroccan gas deal
London-listed Sound Energy announced on March 9 that the deadline for satisfying conditions for a gas supply deal in Morocco with local power generation firm ONEE had been extended by a further three months.
The gas sales agreement (GSA), first reached in November last year, covers gas supplies from the second stage of Sound's Tendrara gas project in Morocco over ten years. Envisaging 350mn m3 of annual deliveries, the contract will support Sound taking a final investment decision (FID) on the stage.
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Sound said it had made progress in the preparation of pipeline entry agreements, terms sheets for financing and the FID. But the parties have nevertheless agreed to a 90-day extension for meeting requirements.
"The progress on the various conditions over the last 90 days is encouraging to all particularly the interest of local and international funding partners financing and as such the extension of the agreement of the GSA is welcomed," Sound chairman Graham Lyon said.