Sound Energy has expressed its condolences “to all those affected by the tragic events resulting from the earthquake in Morocco”.
According to the latest update posted on the International Federation of Red Cross and Red Crescent Societies (IFRC) website at the time of writing, the earthquake measured 6.8 on the Richter scale , hit central Morocco and killed more than 2,800 people.
Sound Energy said its staff and subcontractors based in the country have offered to provide blood and logistical support to treat the injured.
Transitional Energy also noted that it has now completed the inspection of its assets located on its Sidi Moktar onshore exploration permits, located approximately 62 miles northwest of the earthquake’s epicenter, and has emphasize that no one has been affected by the earthquake and that all staff are accounted for.
The company’s other assets are a significant distance from the affected areas and are therefore not affected, Sound Energy said.
In June, Sound Energy revealed that it had secured funding for the development of Phase 2 of its Tendrara production concession. The company secured a 12-year loan in the amount of $237 million with Attijariwafa bank, a Moroccan multinational bank and one of Morocco’s leading banks, he explained.
The company said it will use the funds for the design, drilling, construction and operation of wells, a treatment facility (CPF) and a pipeline (from CPF to GME) to transport and sell the natural gas produced under the Tendrara production concession to ONEE, as well as all related activities.
The company also said its appointed adviser has changed its name to Cavendish Securities following the completion of its own corporate merger.
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