Casablanca-listed mining firm Managem is paying London-based minnow Sound Energy $12mn for a 55% operator’s stake in eastern Morocco’s Tendrara gas project, with the deal value potentially rising to $45mn should Phase-2 expansion go ahead.
Phase-1 construction is well underway for mid-2025 start up. Envisaged output of 100mn m3/y (around 10mn cfd) is puny by international standards but will more than double Morocco’s gas output which was just 8mn cfd for 2023, mostly from fields on the Atlantic coast just north of Rabat operated by a second London-based minnow, SDX Energy (MEES, 26 April). (CONTINUED - 414 WORDS)
