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INVESTMENT
Morocco’s Attijariwafa bank

to arrange $250mn loan
facility for Sound Energy’s

Tendrara project

London-listed Sound Energy has mandated
Morocco’s Attijariwafa bank to arrange a
MAD2.25bn ($250mn) loan facility to partially
finance the company’s development of the Ten-
drara Production Concession, according to a
company statement dated June 27.
The mandate calls for the bank to arrange a El Molla and company chairman Roger Plank GBP656,000 on ADM’s original investment.
senior loan facility with a duration of up to 12 in Cairo. Financial and Corporate Highlights: Rev-
years. Sound Energy intends to use the proceeds Apex is currently studying the expansion of enue increased by 125% to GBP1.8m (2020:
of the loan to cover the cost of establishing new its activities in the Western Desert by acquir- GBP0.8m), reflecting a recovery in the oil price
gas infrastructure at the concession within the ing several already producing concession areas and ADM’s increased profit interest in the Aje
framework of its Phase 2 project. This develop- and intensifying drilling operations in them to Field. Loss after tax decreased 64% to GBP2.5m
ment scheme will carry an estimated price tag of raise output and maintain production rates from (2020: GBP6.9m loss). Completed an oversub-
MAD3bn ($330mn). obsolete fields. scribed fundraising of GBP1.22mn in March
In its statement, Sound Energy said it had This is in addition to its 50% operating inter- 2021 and raised an additional GBP475,000 in
negotiated an eight-month exclusivity period est in East Siwa in partnership with Eni (Italy), November 2021. Appointed Oliver Andrews,
with the bank. During this period, the company where Apex has a work programme making former Chief Investment Officer at Africa
and Attijariwafa will negotiate binding terms investments of $2mn to rise to $3mn in the Finance Corp., as Non-executive Chairman
for the financing within 120 days of entry of the upcoming period. and Babatunde Pearse, as Chief Engineer on the
agreement, it said. bna/IntelliNews, June 28 2022 Aje Development to oversee the next phase of
Sound is partnered at Tendrara by Morocco’s Aje development. Post period, in January 2022,
national oil company (NOC) ONHYM. It signed ADM Energy announces the Company completed an equity fundraising
a memorandum of understanding (MoU) in late of approximately GBP561,000 with Optima
2019 to supply 300mn cubic metres of gas from full-year results Resources Ltd.
Tendrara to ONEE, the North African country’s Osamede Okhomina, CEO of ADM Energy,
national power and water utility.This is enough ADM Energy, a natural resource investing com- said: “2021 was a good year of progress for ADM
to meet around one third of Morocco’s gas needs. pany with an existing multi-asset base in the Aje Energy. It was our first full year since almost dou-
The UK firm is planning to develop the Ten- (OML 113) and Barracuda (OML 141) fields, bling our interest in the Aje Field, which helped
drara Production Concession in two phases. It offshore Nigeria, has announced its full year achieve a significant increase in revenues over
has said it will drill six horizontal wells to allow results for the 12 months ended December 31, the previous year.
the start of Phase 2 gas production. 2021. “We also completed an acquisition giving us
bna/IntelliNews, June 28 2022 Investment Highlights, Aje Field, OML 113: indirect interest in the Barracuda field, strength-
First full year of increased interest in the Aje ening our foothold in West Africa.
Field, Nigeria (ADM increased its equity invest- “2022 is set to be an important year for the
PERFORMANCE ment from 5% to 9.2% in December 2020). Total development of Aje, with PetroNor expected
oil production in 2021 of 407,705 bbls and bar- to take a significant stake in the asset, demon-
Apex International Energy rels of oil per day of 1,117 bpd of oil 103 bpd of strating a commitment and confidence of the
oil net to ADM). Completed the 15th and 16th potential of Aje. With PetroNor on board, the
to increase exploration liftings at the Aje Field in April and October 2021 partners can push ahead with development plans
for a total of 457,379 barrels with a net share of to increase production at Aje.
budget, oil output in 49,099. tinue to target the acquisition of undervalued
“In parallel to Aje and Barracuda, we con-
Barracuda Field, OML 141: Acquired an indi-
Western Desert rect interest in a Risk Sharing Agreement (RSA) 2P reserves that can be added to our investment
portfolio and have had encouraging discussions
for the development of the Barracuda Field. Sub-
Apex International Energy plans to increase its sequently, commissioned a Competent Person’s with potential partners regarding various oppor-
$38mn cumulative exploration and develop- Report (CPR) by Xodus on the Barracuda Field. tunities. It remains a buyers’ market, as majors
ment spending budget since 2017 in Egypt to Post-period announced the result of the CPR on look to divest non-core projects presenting
$82mn over the coming period in order to jack the Barracuda prospect with a 2U (P50) case, the opportunities for companies such as ADM who
up oil output from the current 6,000 barrels per NPV10 is +$99mm with an IRR of 45%. have the network, expertise, and access to capi-
day (bpd) to 7,000 bpd at its onshore fields in the Disposal of interest: Disposed of 188,778 tal to progress projects that can potentially bring
Western Desert, local media reported, citing a shares in Superdielectrics for a total considera- significant value creation for shareholders.”
discussion between Petroleum Minister Tarek tion of GBP849,501, which provided a profit of ADM Energy, June 23 2022

P16 www. NEWSBASE .com Week 26 29•June•2022