Sound Energy Raises £4 Million for Tendrara Gas Pipeline Expansion in Morocco

This fundraising is part of the mobilization of project financing, a statement from the company said, specifying that it was made possible through the sale of 200 million new shares.

"Today’s fundraising provides Sound Energy with a stronger financial base to advance our activities to ensure the expected business growth, including enabling pre-development work up to the final investment decision for the Phase 2 development of our pipeline, and complements the financing of the Phase 1 micro-LNG development," said Graham Lyon, Executive Chairman of the company.

So far, the recoverable resources at the end of Phase 2 of Tendrara are estimated at 377 billion cubic feet, mainly from the te-5 well, the company stressed. For its part, the 120 km Tendrara gas export pipeline corridor is ready and its connection to the existing GME is approved, the same source adds.