Moroccan Gas Project Secures $206 Million Financing Deal with Attijariwafa Bank

Sound Energy and Attijariwafa Bank have decided to extend the negotiations on the financing agreement for the Tendrara gas field until December 15. Attijariwafa bank will have to set up a long-term senior debt facility, with a maximum duration of 12 years, of around 2.25 billion dirhams (206 million dollars). This fund will be used to partially finance the development of phase 2 of the TE-5 Horst deposit in the Tendrara concession, the cost of which is estimated at 3 billion dirhams.

In a statement, Garry Dempster, administrative and financial director of Sound Energy, indicated that this is "an essential project that will drive the company’s future growth while forming a key pillar of Morocco’s energy strategy focused on the energy transition". He also welcomed the good progress of the partnership with the National Office of Hydrocarbons and Mines (ONHYM).