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Sound Energy PLC on Tuesday said it has started the farm-out process for the Tendrara production concession in Morocco.
It is also progressing industry and alternative financing deal for the remaining $60 million worth of phase two development costs at Tendrara, net to its 75% working interest in the asset.
The company is in talks with external banking advisers and within 120 days aims to negotiate binding terms regarding phase two senior debt.
‘Our re-evaluation of the potential of the Greater Tendrara and Anoual exploration permits has high-graded three drilling targets, two of which have previously encountered gas shows,’ added Executive Chair Graham Lyon.
In late June, the firm estimated the development costs for the project's phase 2 at around $330 million.
Sound Energy shares surged 8.9% to 1.52 pence each in London on Tuesday morning.
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