Managem rachète la société Sound Energy Morocco East

Le Groupe Managem crée un pôle gaz naturel industriel et annonce l’acquisition de la société Sound Energy Morocco East Limited (SEME) au terme d’un processus ouvert en compétition avec des investisseurs internationaux. Cet accord porte sur l’acquisition de :

• 55% de la concession d’exploitation de Tendrara ;
• 47,5% du permis d’exploration du Grand Tendrara ;
• 47,5% du permis d’exploration d’Anoual.

Selon nos sources, Sound Energy avait un besoin pressant d’injection de capitaux pour son développement. Or, elle n’est pas parvenue à lever suffisamment de dette ni à trouver de repreneur.

De source autorisée au sein du groupe acquéreur, on insiste sur le fait que ce gaz produit par Sound Energy sera destiné à l’industrie. Et surtout, sur la complémentarité entre ce projet et l’activité de Nareva dans les éoliennes.

On souligne également que le groupe a décidé d’investir massivement dans le gaz, les énergies propres et la décarbonation, considérant qu’il en va de sa responsabilité.

Imad Toumi, président-directeur général du Groupe Managem, cité dans le communiqué, explique : "Sound Energy Plc a sélectionné Managem dans le cadre d’un processus ouvert et compétitif. Sound Energy, qui recherchait un investisseur pour financer son développement trouve en Managem un partenaire solide de long terme capable de développer et mener à bien ce projet au bénéfice de tous les industriels marocains qui bénéficieront ainsi d’une énergie propre et meilleur marché pour leurs activités. Bien que de taille modeste, le projet Tendrara contribuera positivement à l’indépendance énergétique du Royaume et à sa balance commerciale. De plus, le Groupe est activement à la recherche d'autres actifs gaziers en Afrique, renforçant ainsi sa stratégie de diversification et contribuant au développement énergétique du continent."

Un plan de développement en deux phases

Le plan de développement gazier du projet d’exploitation de Tendrara est conçu en deux phases :

• Phase 1 : en cours de construction, en vue de la production de 100 millions de mètres cubes par an de gaz naturel liquéfié (GNL) à partir de la mi-2025 via une installation de traitement, de liquéfaction et de stockage de gaz sur site, permettant de répondre aux besoins des industriels nationaux.
• Phase 2 : en cours d’étude de faisabilité, elle prévoit la construction d’une unité de traitement et d’un pipeline reliant le gazoduc Maghreb-Europe (GME), pour fournir 280 millions de mètres cubes par an de gaz naturel afin de contribuer aux sources d’approvisionnement en gaz du Royaume.

Les termes de l’accord prévoient un montant d’environ 12 millions de dollars US (environ 119 MDH) payable à la réalisation de la transaction, ainsi que la prise en charge de la quote-part de Sound Energy PLC d’un financement allant jusqu’à 24,5 millions de dollars US (environ 244 MDH) lors de la réalisation de la phase 2 du projet.

L’accord global est assujetti à la réalisation de certaines conditions suspensives, dont l’obtention des autorisations règlementaires.

Managem se diversifie dans le gaz naturel

Avec cet accord, le Groupe Managem "étend ses activités à l'exploitation amont de gaz naturel au Maroc et confirme son ambition de devenir un acteur régional dans la promotion et la valorisation des ressources naturelles à faible empreinte carbone", est-il expliqué dans le communiqué.

Situé dans la province orientale du Maroc, le portefeuille d’actif gazier objet de la transaction s’étend sur une superficie d’environ 23.000 km².

La concession de Tendrara comprend une licence d’exploitation de 133,5 km² octroyée pour une durée de 25 ans à partir de 2018, avec des ressources estimées à 10,67 milliards de mètres cubes de gaz naturel.

A la clôture de la transaction, le projet Tendrara sera détenu à 55% par le Groupe Managem, à 20% par Sound Energy Meridja Ltd et à 25% par l’ONHYM.

Voici par ailleurs le communiqué diffusé vendredi soir par Sound Energy:

Sound Energy (AIM: SOU), the transition energy company, is pleased to announce the entry into a binding Sale and Purchase agreement for the partial divestment of the Company's Moroccan assets (the "SPA") by way of the disposal by the Company of the entire issued share capital of Sound Energy Morocco East Limited ("SEME") to Managem SA ("Managem") for a total value to Sound Energy of up to US$45.2 million.

Key Highlights

·   Pursuant to the SPA, Sound Energy will continue to hold an interest of 20% in the Tendrara Production Concession (the "Concession"), and 27.5% working interests in each of the Grand Tendrara Exploration Concession (the "Grand Tendrara Permit") and the Anoual Exploration Permit (the "Anoual Permit" and together with the Grand Tendrara Permit, the "Permits").

·   Managem will provide funding for Phase 2 development of the Concession, funding for two exploration wells in satisfying the work programmes under the Permits, a contingent production payment and recovery of past expenditures.  

·    Sale of the entire share capital of SEME with an effective date of 1 January 2022, pursuant to which Managem will acquire the following interests in the Group's Moroccan assets:

o  55.0% of the Concession (Sound Energy to retain 20% interest)

o  47.5% of the Grand Tendrara Permit (Sound Energy to retain 27.5% interest)

o  47.5% of the Anoual Exploration Permit (Sound Energy to retain 27.5% interest)

·    SPA consideration payable to and on behalf of the Group includes:

o  US$12.0 million in Concession Phase 1 development back costs through to July 2024 net to a 55% interest in the Concession and payable to the Group in cash on completion.

o  US$1.0 million in back costs in respect of Concession Phase 2 development and Permits back costs payable to the Company in cash on completion.

o  Up to US$24.5 million net carry through Managem funding of the Group's remaining 20% interest in future Concession Phase 2 development.

o Contingent consideration of US$1.5 million payable to the Group no later than one year after first gas from Concession Phase 2 development.

o  US$3.6 million net carry through funding the Group's remaining 27.5% Grand Tendrara Permit interest in drilling exploration well SBK-1.

o  US$2.6 million net carry through funding the Group's remaining 27.5% Anoual Permit interest in drilling exploration well M5.

Background to and further details of the Farm-Out

The Company announced on 9 August 2022 that it had initiated a formal farm-out process to identify a partner for the Concession and the surrounding Permits. With the Company holding its assets in Morocco through various subsidiaries, the SPA, which remains conditional upon certain conditions precedent, will see the Company dispose of the entire share capital of SEME (the "Sale Shares"), a UK company holding the Operating licence position and equity in Morocco as below, for a sum of US$1:

o  55.0% of the Concession

o  47.5% of the Grand Tendrara Permit

o  47.5% of the Anoual Permit

Under the SPA, the Company has provided customary warranties and undertakings to Managem and, whilst the terms of the SPA are binding on the parties, the SPA remains conditional upon, inter alia:

·    Approvals by ONHYM and the Moroccan Minister of Energy of the Company continuing as the Operator of record of the Concession and the Permits notwithstanding the sale of the Sale Shares at completion;

·    Antitrust clearances being received;

·    Receipt of the written authorisation of the Foreign Exchange Office (Office des Changes) relating to Managem's payment obligations;

·    Confirmation in writing by the Seller to the Buyer that no Material Adverse Change has occurred;

·    Approval of ONEE of the change of control of the Company pursuant to the ONEE GSA;

·    Removal of Sound Energy Morocco SARL AU as dormant subsidiary of SEME;

·    Approval by Schlumberger in accordance with the terms of Schlumberger's profit-sharing deed in respect of the Concession or Managem negotiating and entering into an agreement with Schlumberger for the cancellation of the profit-sharing deed;

·    Extension of the Start Date/Deemed Start Date as defined in the LNG GSA;

·    Delivery of Completion accounts and Assurance Release Conditions; and

·    The approval of Managem's board of directors by 12 July 2024.

In the year to 31 December 2023, SEME recorded a Profit before tax of £1,301,000 on no revenues and, at 31 December 2023, had total assets of £56,976,000.

Commenting, Graham Lyon (Executive Chairman of Sound Energy) said:

"We are very pleased to have entered into this binding Share sale to an excellent counterparty Managem SA.  The share sale transaction of our UK company subsidiary, the Permits Owner, is structured to allow a smooth transition to Managem whilst bringing Sound Energy two new exciting exploration drills, substantial funding for the phase 2 development and past costs. There is also a production bonus once Phase two gas is delivered".

Board Change

Following the signature by the Company of the binding SPA between Sound and Managem Simon Ashby-Rudd, a non-executive director of the Company, has informed the Board that he does not intend to put himself forward for re-election as a director of the Company at the Company's AGM to be held on 28 June 2024 ("AGM"). As a result, and with the transaction announced today providing the financial and operational security for the next stage of Sound Energy's development, Simon Ashby-Rudd will step down as a director of the Company at the Company's AGM to pursue other interests.  

Commenting, Graham Lyon (Executive Chairman of Sound Energy) said:

"Simon has provided invaluable advice and guidance since his appointment to the Board and throughout the process which has led to today's announcement. I and the rest of the Board thank him for his service to the Company over the last year."

(Executive Chairman of Sound Energy) said:

"Simon has provided invaluable advice and guidance since his appointment to the Board and throughout the process which has led to today's announcement. I and the rest of the Board thank him for his service to the Company over the last year."

LIRE EGALEMENT SUR LE MEME SUJET

Gaz oriental. Sound Energy reçoit l’approbation de l’ONHYM pour le renouvellement du permis d’exploration Anoual

Sound Energy : dernières étapes avant l’ouverture de la première usine de liquéfaction du Maroc

Sound Energy cherche un partenaire financier pour Tendrara et Anoual