Managem Completes Acquisition of Sound Energy Moroccan Subsidiary

Managem, a prominent player in the resource management sector, has strategically expanded its operations by acquiring Sound Energy Morocco East Limited (SEME). This acquisition, valued at $12 million, is a part of a broader initiative to cater to Morocco's low-carbon energy requirements, essential for national growth. Managem will obtain a 55% stake in the Tendrara operating concession plus additional stakes in the Grand Tendrara and Anoual licenses. The Tendrara project, crucial for the region's energy independence, is planned in two phases. Phase 1, commencing in 2025, aims to produce 100 million cubic meters of LNG annually, while Phase 2 is set to increase supply to 280 million cubic meters of natural gas via an infrastructure connecting to the Maghreb-Europe Gas Pipeline. The acquisition signifies Managem's transition into upstream natural gas exploitation, aligning with their strategy to become a pivotal regional low-carbon energy resource provider.